Compiled APES 110 Code of Ethics for Professional …

1 Compiled APES 110 Code of Ethics for Professional accountants [Supersedes APES 110 Code of Ethics for Professional accountants (Issued in June 2006 and subsequently amended in February 2008)]. Compiled as at: November 2013. Copyright 2013 Accounting Professional & Ethical standards Board Limited ( APESB ). All rights reserved. Apart from fair dealing for the purpose of study, research, criticism and review as permitted by the Copyright Act 1968, no part of these materials may be reproduced, modified, or reused or redistributed for any commercial purpose, or distributed to a third party for any such purpose, without the prior written permission of APESB. Any permitted reproduction including fair dealing must acknowledge APESB as the source of any such material reproduced and any reproduction made of the material must include a copy of this original notice. APES 110 Code of Ethics for Professional accountants is based on the Code of Ethics for Professional accountants of the International Ethics standards Board for accountants (IESBA), published by the International Federation of accountants (IFAC) in July 2009 and as amended, and is used with permission of IFAC.

2 Code of Ethics for Professional accountants July 2009 by the International Federation of accountants . CONTENTS. Page COMPILATION DETAILS .. 3. 1 SCOPE AND 8. 2 DEFINITIONS .. 9. PART A: GENERAL APPLICATION OF THE CODE .. 16. 100 Introduction and Fundamental Principles .. 17. 110 Integrity .. 22. 120 Objectivity .. 23. 130 Professional Competence and Due Care .. 24. 140 Confidentiality .. 25. 150 Professional Behaviour .. 27. PART B: MEMBERS IN PUBLIC 28. 200 Introduction .. 29. 210 Professional Appointment .. 33. 220 Conflicts of Interest .. 36. 230 Second Opinions .. 41. 240 Fees and Other Types of Remuneration .. 42. 250 Marketing Professional Services .. 44. 260 Gifts and Hospitality .. 45. 270 Custody of client Assets .. 46. 280 Objectivity All 47. [AUST] PREFACE: SECTIONS 290 AND 291 .. 48. 290 Independence Audit and Review Engagements .. 49. 291 Independence Other Assurance Engagements ..100.

3 PART C: MEMBERS IN BUSINESS .. 127. 300 Introduction ..128. 310 Conflicts of 320 Preparation and Reporting of Information ..134. 330 Acting with Sufficient Expertise ..136. 340 Financial Interests, Compensation and Incentives Linked to Financial Reporting and Decision Making ..137. 350 Inducements ..139. TRANSITIONAL PROVISIONS ..141. CONFORMITY WITH INTERNATIONAL PRONOUNCEMENTS .. 143. 2. COMPILATION DETAILS. APES 110 Code of Ethics for Professional accountants as amended This compilation is not a separate Standard issued by Accounting Professional & Ethical standards Board Limited (APESB). Instead, it is a compilation of APES 110 (December 2010) as amended or added to by subsequent APESB standards , which are listed in the tables below. APES 110 (December 2010) is effective from 1 July 2011 and supersedes the previous APES. 110 issued in June 2006 (amended February 2008). The amendments listed in the Tables below and reflected in this Compiled Standard are effective from 1 January 2013, 1 July 2013.

4 And 1 July 2014, with early adoption permitted. The Compiled Standard takes into account amendments up to and including November 2013 and was prepared by the Technical Staff of APESB. Table of standards Standard Month issued Operative date Amendment to the Definition of Public December 2011 1 January 2013 with Interest Entity in APES 110 Code of early adoption permitted Ethics for Professional accountants (issued December 2011). Amendments to the Definitions and May 2013 1 July 2013. Auditor Independence Requirements in APES 110 Code of Ethics for Professional accountants (issued May 2013). Amendments to APES 110 Code of November 2013 1 July 2014 with early Ethics for Professional accountants due adoption permitted to revisions to IESBA's Code of Ethics for Professional accountants (issued November 2013). Table of Amendments Paragraphs affected How affected Amending Standard amended Paragraph amended due to renumbering of the Code amended Revisions to IESBA's Code of Ethics for Professional accountants amended Revisions to IESBA's Code of Ethics for Professional accountants 2 amended Definition of Public Interest Entity 3.

5 Paragraphs affected How affected Amending Standard 2 amended Amendments to the Definitions and Auditor Independence Requirements 2 amended Revisions to IESBA's Code of Ethics for Professional accountants amended Revisions to IESBA's Code of Ethics for Professional accountants amended Revisions to IESBA's Code of Ethics for Professional accountants amended Revisions to IESBA's Code of Ethics for Professional accountants amended Revisions to IESBA's Code of Ethics for Professional accountants amended Revisions to IESBA's Code of Ethics for Professional accountants amended Revisions to IESBA's Code of Ethics for Professional accountants replaced Revisions to IESBA's Code of Ethics for Professional accountants [AUST] Preface: SECTIONS amended Amendments to the Definitions and 290 and 291 Auditor Independence Requirements amended Definition of Public Interest Entity amended Revisions to IESBA's Code of Ethics for Professional accountants amended Revisions to IESBA's Code of Ethics for Professional accountants amended Paragraphs amended due to renumbering of the Code amended Paragraph amended due to renumbering of the Code amended Paragraph amended due to renumbering of the Code 4.

6 Paragraphs affected How affected Amending Standard amended Paragraph amended due to renumbering of the Code amended Paragraph amended due to renumbering of the Code amended Paragraph amended due to renumbering of the Code amended Paragraph amended due to renumbering of the Code amended Paragraph amended due to renumbering of the Code amended Paragraph amended due to renumbering of the Code amended Paragraph amended due to renumbering of the Code amended Paragraphs amended due to renumbering of the Code amended Paragraphs amended due to renumbering of the Code amended Paragraph amended due to renumbering of the Code amended Paragraphs amended due to renumbering of the Code replaced Revisions to IESBA's Code of Ethics for Professional accountants amended Paragraph amended due to renumbering of the Code amended Paragraph amended due to renumbering of the Code (renumbered as amended Revisions to IESBA's Code of ) Ethics for Professional accountants amended Paragraph amended due to renumbering of the Code replaced Revisions to IESBA's Code of Ethics for Professional accountants amended Revisions to IESBA's Code of Ethics for Professional accountants (Previously ) amended Revisions to IESBA's Code of Ethics for Professional accountants 5.

7 Paragraphs affected How affected Amending Standard (Previously ) amended Revisions to IESBA's Code of Ethics for Professional accountants amended Revisions to IESBA's Code of Ethics for Professional accountants (previously ) amended Revisions to IESBA's Code of Ethics for Professional accountants Transitional Provisions amended Definition of Public Interest Entity Revisions to IESBA's Code of Ethics for Professional accountants Conformity with International amended Definition of Public Interest Entity Pronouncements Revisions to IESBA's Code of Ethics for Professional accountants Table of Additions Paragraphs added Amending Standard 2 Revisions to IESBA's Code of Ethics for Professional accountants Revisions to IESBA's Code of Ethics for Professional accountants Revisions to IESBA's Code of Ethics for Professional accountants Revisions to IESBA's Code of Ethics for Professional accountants AUST Definition of Public Interest Entity Revisions to IESBA's Code of Ethics for Professional accountants AUST (renumbered as AUST Amendments to the Definitions and Auditor )

8 Independence Requirements Revisions to IESBA's Code of Ethics for Professional accountants Revisions to IESBA's Code of Ethics for Professional accountants Revisions to IESBA's Code of Ethics for Professional accountants 6. Table of Deletions Paragraphs deleted Amending Standard AUST Revisions to IESBA's Code of Ethics for Professional accountants Revisions to IESBA's Code of Ethics for Professional accountants AUST Revisions to IESBA's Code of Ethics for Professional accountants Revisions to IESBA's Code of Ethics for Professional accountants AUST Revisions to IESBA's Code of Ethics for Professional accountants Revisions to IESBA's Code of Ethics for Professional accountants AUST Revisions to IESBA's Code of Ethics for Professional accountants Revisions to IESBA's Code of Ethics for Professional accountants AUST Revisions to IESBA's Code of Ethics for Professional accountants Revisions to IESBA's Code of Ethics for Professional accountants The following paragraphs have been renumbered following the amendments to the Code: Existing paragraphs New paragraphs 7.

9 APES 110 CODE OF Ethics FOR Professional accountants . Accounting Professional & Ethical standards Board Limited (APESB) issued APES. 110 Code of Ethics for Professional accountants in December 2010. This Compiled version of APES 110 incorporates amendments contained in subsequent APESB standards issued by the APESB up to and including November 2013 (see Compilation Details). 1 SCOPE AND APPLICATION. Accounting Professional & Ethical standards Board Limited (APESB) issues APES. 110 Code of Ethics for Professional accountants (this Code). This Code is operative from 1 July 2011 and supersedes APES 110 Code of Ethics for Professional accountants (issued in June 2006 and subsequently amended in February 2008). Earlier adoption of this Code is permitted. Transitional provisions relating to Public Interest Entities, partner rotation, non-assurance services, Fees relative size, compensation and evaluation policies apply from the date specified in the respective transitional provisions (refer page 141).

10 Subject to paragraph , all Members in Australia shall comply with APES 110. including when providing Professional Services in an honorary capacity. All Members practising outside of Australia shall comply with APES 110 to the extent to which they are not prevented from so doing by specific requirements of local laws and/or regulations. This Code is not intended to detract from any responsibilities which may be imposed by law or regulation. AUASB has issued auditing standards as legislative instruments under the Corporations Act 2001 (the Act). For audits and reviews under the Act, those standards have legal enforceability. To the extent that those auditing standards make reference to relevant ethical requirements, the requirements of APES 110 have legal enforceability due to Auditing Standard ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements.