APES 110 Code of Ethics for Professional Accountants

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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)] ISSUED: December 2010

Copyright © 2010 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.

CONTENTS
Page 1 2 100 110 120 130 140 150 200 210 220 230 240 250 260 270 280 290 291 300 310 320 330 340 350 SCOPE AND APPLICATION................................................................................ DEFINITIONS ......................................................................................................... 3 4

PART A: GENERAL APPLICATION OF THE CODE ................................................. 11 Introduction and Fundamental Principles ................................................................. 12 Integrity ..................................................................................................................... 17 Objectivity ................................................................................................................. 18 Professional Competence and Due Care ................................................................... 19 Confidentiality .......................................................................................................... 20 Professional Behaviour ............................................................................................. 22 Introduction ............................................................................................................... 24 Professional Appointment ......................................................................................... 28 Conflicts of Interest ................................................................................................... 31 Second Opinions ....................................................................................................... 33 Fees and Other Types of Remuneration .................................................................... 34 Marketing Professional Services ............................................................................... 36 Gifts and Hospitality ................................................................................................. 37 Custody of client Assets ............................................................................................ 38 Objectivity – All Services ......................................................................................... 39 Independence – Audit and Review Engagements ..................................................... 41 Independence –Other Assurance Engagements ........................................................ 92 Introduction ............................................................................................................ 121 Potential Conflicts .................................................................................................. 124 Preparation and Reporting of Information ............................................................. 125 Acting with Sufficient Expertise ............................................................................ 127 Financial Interests .................................................................................................. 128 Inducements...
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