A distinguishing hallmark of the accountancy profession is our acceptance, as members, of the responsibility to act in the public interest. Ethics is our foundation stone. Upholding the fundamental principles and compliance with the specific requirements of APES 110 Code of Ethics for Professional Accountants (including Independence Standards) enables members to meet their responsibility to act in the public interest.
The code applies to members of the three Australian accounting bodies. It is an extensive standard, some 230 pages in four distinct parts. It covers members in public practice and in business (including in the NFP and public sectors) and the independence standards that apply to audit and assurance engagements.
Recent events have shown that some members are blissfully unaware of what is required of them. In response, Chartered Accountants in Australia and New Zealand and CPA Australia have recently introduced a mandatory requirement for ethics training.
This session will
- Provide an overview of the structure of the code
- Examine in depth Part 1 – Complying with the Code, Fundamental Principles and Conceptual Framework that applies to all members, and
- Describe the application of the conceptual framework to members in business (Part 2), in public practice (Part 3), and in audit and assurance engagements (Parts 4A and 4B).
