APES 110 Code of Ethics for Professional Accountants (Code) is issued by the Accounting Professional and Ethical Standards Board (APESB).
APESB is an independent body established in 2006 as an initiative of CPA Australia and Chartered Accountants in Australia and New Zealand (then the Institute of Chartered Accountants in Australia). CPA Australia, Chartered Accountants ANZ and the Institute of Public Accountants are all members of the APESB. The role of APESB is to develop and issue professional and ethical standards in the public interest that apply to members of CPA Australia and the other two Australian accounting bodies.
The Code is based on the Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants (IESBA) of the International Federation of Accountants (IFAC). Additional Australian definitions or paragraphs in the Code contain the prefix AUST.
Members practising in Australia or abroad must comply with the Code unless they are prevented from doing so by applicable laws or regulations. In applying the requirements outlined in the Code, members shall be guided not only by the words, but also by the spirit, of the Code.
Responding to Non-compliance with Laws and Regulations
Responding to Non-compliance with Laws and Regulations (NOCLAR) is a new section of the Code. It provides a framework to guide professional accountants in what actions to take in the public interest when they become aware of a suspected illegal act or NOCLAR, committed by a client or employer.
An overview of the Code
The objective of the overview is to provide an outline of the framework of the Code and to assist members in accessing the relevant sections of the Code more efficiently.
The overview is not a replacement of the Code. It should be used in conjunction with, and not instead of, the Code.
The Code uses the word "shall" to impose a requirement on the member or firm.
The Code is divided in three parts: