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APES 110

Code of Ethics for Professional Accountants Fact Sheet

APES 110 Code of Ethics for Professional Accountants (the Code) sets out mandatory requirements and guidance for
members when providing professional services.

Scope and application
APES 110 was issued in J une 2006. Its last revision occurred in December 2010 and took effect on 1

J uly 2011. The
compiled Code, which includes the amended definition of Public Interest Entity (effective from 1 J anuary 2013), was
issued in September 2012. The Code requires members in Australia to adhere to its mandatory requirements when they
provide professional services, including when providing professional services in an honorary capacity. For members
outside of Australia the provisions of APES 110 must be followed as long as local laws and/or regulations are not

Fundamental principles
A member shall comply with the following fundamental principles:

• integrity
• objectivity
• professional competence and due care
• confidentiality
• professional behaviour.

Members shall apply the Code’s conceptual framework to identify threats, evaluate the significance of the threats
identified and apply safeguards, where possible, to eliminate threats or reduce them to an acceptable level.

Threats fall into one or more of the following categories:

• self-interest threat
• self-review threat
• advocacy threat
• familiarity threat
• intimidation threat.

Safeguards fall into two broad categories:

• safeguards created by the profession, legislation or regulation
• safeguards in the work environment

APES 110:
Code of Ethics for Professional Accountants Fact Sheet

Ethical conflict resolution
A member may be required to resolve a conflict in complying with the fundamental principles. The following factors may
be relevant to the resolution process:

• relevant facts
• ethical issues involved
• fundamental principles related to the matter in question
• established internal procedures
• alternative courses of action
• the consequences of each possible course of action.

Refer to the Code for information concerning:

• definitions
• members in public practice
• independence – audit and review engagements
• independence – other assurance engagements
• members in business
• transitional provisions
• conformity with international pronouncements.

The above material is only general in nature and not intended to be specific to the reader’s circumstances. The material does not relieve you of your
obligation, as a member of CPA Australia, to ensure that you comply with professional standards. To keep up-to-date members should visit the APESB
website at apesb.org.au.

Copyright ©CPA Australia Ltd (“CPA Australia”) (ABN 64 008 392 452), 2012. All rights reserved. All trade marks and trade names are proprietary to
CPA Australia and must not be downloaded, reproduced or otherwise used without the express consent of CPA Australia.
You may access and display these materials on your computer, monitor or other video display device and make one printed copy of any whole page or
pages for your personal use only. Other than for the purposes of and subject to the conditions prescribed under the Copyright Act 1968 (Cth) (or any
other applicable legislation throughout the world), or as otherwise provided for herein, you may not use these materials in any manner without the prior
written permission of the copyright owner.
CPA Australia and the author have used reasonable care and skill in compiling the content of these materials. However, CPA Australia makes no
warranty as to the accuracy or completeness of any information contained therein nor does CPA Australia accept responsibility for any acts or omissions
in reliance upon these materials. These materials are intended to be a guide only and no part is intended to be advice, whether legal or professional. All
persons are advised to seek professional advice to keep abreast of any legal or other reforms and developments.
To the extent permitted by applicable law, CPA Australia, its employees, agents and consultants exclude all liability for any loss or damage claims and
expenses including but not limited to legal costs, indirect special or consequential loss or damage (including but not limited to, negligence) arising out of
the information in the materials. Where any law prohibits the exclusion of such liability, CPA Australia limits its liability to the resupply of the information.
Issued November 2012

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