The Accounting Professional & Ethical Standards Board (APESB) has issued an amending standard in respect of the existing APES 110 Code of Ethics for Professional Accountants (the Code). The amendments to the Code are:

  • a new AUST paragraph to address circumstances where auditors may be receiving multiple referrals from a single source. The Board said the revision addresses risks identified in the self-managed super fund (SMSF) context and is likely to be relevant in other sectors as well;
  • a minor editorial amendment to the definition of Immediate Family; and
  • minor editorial amendments to the preface of ss 290 and 291.

The amendments will be effective from 1 July 2013.

The Board has also issued a Technical Update (dated 17 May 2013) which contains details of the amendments to APES 110.

[LTN 95, 20/5/13]