The Accounting Professional and Ethical Standards Board (APESB) on Thur 14.11.2013, released amendments to the Australian Code APES 110 Code of Ethics for Professional Accountants (APES 110) to align it with the recent amendments to the international Code issued by the International Ethics Standards Board for Accountants (IESBA).
The Board said the revisions to the Code incorporate the IESBA’s amendments in respect of auditor independence requirements and conflicts of interest. These revisions affect accountants both in public practice and in business, taking into consideration the different circumstances in which they work. The amendments are effective from 1 July 2014 with early adoption permitted.
However, the Board did not adopt the IESBA’s amendment to its Code in respect of the definition of “Engagement Team” to exclude internal auditors who provide direct assistance to the external auditor. The APESB said it was of the view that internal auditors who provide direct assistance to the external auditor should not be excluded from the Engagement Team definition.
Source: APESB media release, 14 November 2013
[LTN 221, 14/11/13]
APESB issues compiled APES 110
The Board has now also issued a compiled APES 110.
[LTN 223, 18/11/13]