What is APES 110 Code of Ethics for Professional Accountants?
APES 110 Code of Ethics for Professional Accountants is issued by the Accounting Professional and Ethical Standards Board (APESB). The role of APESB is to develop and issue professional and ethical standards in the public interest that apply to members of CPA Australia and the other two Australian accounting bodies.
What are the five principles of the code of ethics?
The revised Code establishes a conceptual framework for all professional accountants to ensure compliance with the five fundamental principles of ethics:
- Integrity.
- Objectivity.
- Professional Competence and Due Care.
- Confidentiality.
- Professional Behavior.
What are the five fundamental principles in APES 110 who must comply with them?
The professional obligations and ethical requirements imposed on members of the accounting profession are based on the five fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour in the Code.
What is the importance of establishing the code of ethics for professional accountants?
Ethical codes are the fundamental principles that accounting professionals choose to abide by to enhance their profession, maintain public trust, and demonstrate honesty and fairness.
What does APES 110 stand for?
Code of Ethics for Professional Accountants
APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) is based on the International Code of Ethics for Professional Accountants (Including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA).
When was apes 110 code of ethics for Professional Accountants compiled?
Compiled APES 110 Code of Ethics for Professional Accountants Compiled APES 110 Code of Ethics for Professional Accountants [Supersedes APES 110 Code of Ethics for Professional Accountants (Issued in June 2006 and subsequently amended in February 2008)] Compiled as at: November 2013
What does apes 110 stand for?
APES 110 CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS Accounting Professional & Ethical Standards Board Limited (APESB) issued APES 110 Code of Ethics for Professional Accountants in December 2010.
Are the requirements of apes 110 legal?
To the extent that those auditing standards make reference to relevant ethical requirements, the requirements of APES 110 have legal enforceability due to Auditing Standard ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements.
How will the Apes 110 changes to SMSF auditing affect you?
The changes to SMSF auditing outlined in the APES 110 Code of Ethics and the corresponding new Independence Guide will have substantial and widespread implications for the accounting profession. The impending revisions will largely prevent audits being conducted for SMSFs when the firm also prepares the financial statements.