Highlights of the latest AUASB meeting
Submission to APESB - Participation on Due Diligence Committees
CPA Australia, with the other professional accounting bodies, has provided a joint submission to the APESB on its exposure draft for APES 350 Participation by members in public practice in due diligence committees. This proposed new standard is an important initiative of the APESB. For members who participate in due diligence committees - either as a member, observer, or reporting person - the new standard will provide them with direction in terms of their professional obligations.
IESBA issues revised Code of Ethics
Ethical principles, the Code and Auditor Independence
In April I wrote: As a member of CPA Australia, you are obliged to comply with the Code of Ethics for Professional Accounts (APES 110). It applies to all members, not just those in public practice, and not just to those who are providing auditing and assurance services.
The Code of Ethics outlines the ethical principles with which you must comply, being: integrity; objectivity; professional competence and due care; confidentiality; and professional behaviour. An important part of the Code for members providing auditing and assurance services is Section 290, entitled 'Independence - Assurance Engagements'.