APES 110 - Compiled Code of Ethics for Professional Accountants

The compiled APES 110 Code of Ethics for Professional Accountants incorporates the revised definition of network firms and changes to auditor independence requirements in line with the Corporations Act 2001 amendments enacted in June 2007 by the Simpler Regulatory System legislation.

Except for paragraphs 290.14 to 290.26 compiled APES 110 is effective from 15 February 2008.  Paragraphs 290.14 to 290.26 are effective for assurance engagements for periods commencing on or after 1 July 2008.

Members of the joint accounting bodies are reminded that compliance with APES 110 is mandatory.  Members who conduct audits in accordance with Chapter 7 of the Corporations Act 2001 are further reminded that , in relation to such audits, APES 110 has the force of law.

Further information on the background to the review process, main comments received on the exposure drafts and conclusions regarding these comments in updating the standard can be found in Network Firms in Section 290 of APES 110 - Basis for Conclusions (December 2007) and Auditor Independence Requirements of APES 110 - Basis for Conclusions (February 2008).

APES 205 - Conformity with Accounting Standards

APES 205 Conformity with Accounting Standards is effective from 1 July 2008 and replaces APS 1 Conformity with Accounting Standards.  The objective of the standard is to establish the responsibilities of members to follow accounting standards when they prepare, present, audit, review or compile financial statements which are either general purpose financial statements or special purpose financial statements.  The Basis for Conclusions provides background to the review process, main comments received on the exposure draft and conclusions regarding these comments in developing the final standard.

APES 210 - Conformity with Auditing and Assurance Standards

Compliance with this standard is mandatory. The objective of this standard is to establish the responsibilities of members in relation to compliance with the auditing and assurance Standards, in the conduct of all Australian audit engagements, review engagements, assurance assignments, other assurance engagements, and related services (whether of financial or non-financial information).

The Basis for Conclusions provides background to the review process, main comments received on the exposure draft and conclusions regarding these comments in developing the final standard.

APES 215 - Forensic Accounting Services

APES 215 Forensic Accounting Services is effective for engagements or assignments commening on or after 1 July 2009 and replaces APS 11 Statement of Forensic Accounting Standards and GN 2 Forensic Accounting.  Requirements for the role of expert witness will be mandatory, and for the first time, the standard will apply to accountants working in the corporate sector and in government.  

The Basis for Conclusions provides background to the review process, main comments received on the exposure draft and conclusions regarding these comments in developing the final standard.

APES 220 - Taxation Services

APES 220 Taxation Services effective from 1 July 2008, replaces former APS 6 Statement of Taxation Standards.  This standard relates to the provision of all taxation services (not just income tax) and applies to members in business (if they supply taxation services to employers) as well as members in practice.  The Basis for Conclusions provides background to the review process, main comments received on the exposure draft and conclusions regarding these comments in developing the final standard.

APES 225 - Valuation Services

New standard APES 225 Valuation Services is effective from 1 January 2009.  All members in public practice and in business who provide an estimate of value for a business, business ownership interest, security or intangible asset to either a client or an employer, are required to comply with this standard.  The Basis for Conclusions provides background to the review process, main comments received on the exposure draft and conclusions regarding these comments in developing the final standard.

APES 305 - Terms of Engagement

Revised APES 305 Terms of Engagement is effective from 1 July 2008 and replaces APS 2 Terms of Engagement.  From this date, all members in public practice will be required to document and communicate the terms of engagement.  The Basis for Conclusions provides background to the review process, main comments received on the exposure draft and conclusions regarding these comments in developing the final standard.

APES 315 - Compilation of Financial Information

Revised APES 315 Compilation of Financial Information replaces the miscellaneous professional statement APS 9 and is effective from 1 January 2010.  Members in public practice are required to comply with this standard when they compile financial informationincluding financial statements. The Technical Update summarises revisions to APES 315.

APES 320 - Quality Control for Firms

APES 320 Quality Control for Firms was originally issued in July 2006 to mandate quality control requirements for firms.  APES 320 is based on International Standard on Quality Control (ISQC 1).  Due to revision to ISQC 1 a revised version of APES 320 was issued effective from 1 January 2010.

In respect of audits and reviews conducted under the provisions of the Corporations Act 2001, auditing standards will have the force of law. To the extent that those auditing standards make reference to the quality control requirements for firms issued by a professional accounting body, the requirements of APES 320 have the same level of legal enforceability as the explanatory guidance in which such reference is included.

APES 330 - Insolvency Services

APES 330 Insolvency Services is effective from 1 April 2010 and replaces APS 7 Statement of Insolvency Standards.

The standard has been completely revised especially in the areas of professional independence and fees and includes a new section governing accountants' obligations when providing expert witness services.

The Basis for Conclusions provides background to the review process, main comments received on the exposure draft and conclusions regarding these comments in developing the final standard.

APES 345 - Reporting on Prospective Financial Information

APES 345 Reporting on Prospective Financial Information prepared in connection with a Disclosure Document is effective for engagements commencing on or after 1 July 2009 and replaces Professional Statement F.2 Prospectuses and Reports on Profit Forecasts. 

APES 345 outlines the principles and mandatory requirements for members in public practice to abide by when they undertake engagements for clients to prepare a report on or in connection with prospective financial information included in a disclosure document.

The Basis for Conclusions provides background to the review process, main comments received on the exposure draft and conclusions regarding these comments in developing the standard.

APES 350 - Participation by Members in Public Practice in Due Diligence Committees in connection with a Public Document

APES 350, effective from 1 February 2010,  sets out mandatory requirements and guidance for members in public practice who provide professional services to a client which comprises participating in and/or reporting to a Due Diligence Committee (DDC) as a DDC member, DDC observer or reporting person.

The Basis for Conclusions provides background to the review process, main comments received on the exposure draft and conclusions regarding these comments in developing the final standard.