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September 2022

Revised Code of Ethics

By Kemisha Soni, Chartered Accountant
Reading Time 10 mins
INTRODUCTION AND OVERALL STRUCTURE OF THE REVISED CODE OF ETHICS

ICAI recently issued the 12th edition of the Code of Ethics, in convergence with the changes to the International Ethics Standards Board for Accountants (IESBA) Code of Ethics. In this article, we shall discuss certain significant changes in the revised Code of Ethics and their relevance in the contemporary professional world.

For the first time, the Code of Ethics has been segregated into different volumes, i.e. I, II and III. These volumes became applicable with effect from 1st July, 2020.

Volume–I of the Code of Ethics (12th edition) is the revised Counterpart of Part-A of Code of Ethics, 2009. It is based on International Ethics Standards Board for Accountants (IESBA) Code of Ethics, 2018 edition.

Volume–II of the Code of Ethics is the revised counterpart of Part-B of the Code of Ethics, 2009. It is based on domestic provisions.

Volume–III of the Code of Ethics contains Case Laws segregated and updated from the Clauses under Part-B of Code of Ethics, 2009.

The Code of Ethics, 2009, and the revised Code of Ethics are a convergence (and not an adoption) of the provisions of the International Federation of Accountants (IFAC) IESBA Code of Ethics.

It is a well-known maxim that “Ignorance of Law is No Excuse”. The revised Code of Ethics (Volume–I) has been issued as a Guidel
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