The Accounting Professional & Ethical Standards Board (APESB) has recently issued a compiled version of APES 110 Code of ethics for professional accountants, which incorporates amendments issued up to and including 15 February 2008.
The amendments include the revised definition of network firms and changes to auditor independence requirements in line with the amendments enacted in June 2007 by the Simpler Regulatory System legislation.
The operative dates are summarised as follows:
| Standard |
Date of issue |
Operative date |
| APES 110 |
June 2006 |
1 July 2006 |
| Amendment to network firms in section 290 |
December 2007 |
Assurance engagements for periods commencing on or after 1 July 2008 |
| Amendments to auditor independence requirements |
February 2008 |
15 February 2008 |
Members are advised that compliance with APES 110 is mandatory, and for audits which are conducted in accordance with chapter 7 of the Corporations Act 2001, APES 110 has the force of law.
For further information view the compiled version of APES 110 on the APESB website.
