APESB issues exposure draft on Dealing with Client Monies
The APESB has issued an exposure draft of a proposed standard (APES 310) entitled Dealing with Client Monies. The new standard will apply to all members in public practice and will outline members' responsibilities when engaged in transactions involving client monies. It strengthens the safeguards for clients and introduces some new stricter requirements. Furthermore, the proposed standard includes specific clauses dealing with anti-money laundering and illegal activities.
CPA Australia will be making a submission on this exposure draft, jointly with the other professional accounting bodies. Submissions are due on 31 May 2010. Members who have any comments or feedback on the exposure draft, which may be considered at the time of preparing the submission, should forward them by Friday 21 May to: professional.standards@cpaaustralia.com.au