Analysis of Banking Code of Practice and APES 110

Running head: ANALYSIS OF BANKING CODE OF PRACTICE AND APES 110
ANALYSIS OF BANKING CODE OF PRACTICE AND APES 110
Name of the Student:
Name of the University:
Author Note

ANALYSIS OF BANKING CODE OF PRACTICE AND APES 1101
This paper is developed in the basis of the submitted report of the Hayne commission
into the misconduct in the Banking, Superannuation and Financial Services industry of the
Australia. The report analysis the recently released updated Banking Code of Practice by the
Australian Banking Association and The Code Ethics for Professional Accountants – APES
110. The paper analysis the both the codes and the principle and compare them to find out the
similarity and difference among them. The report also analysis the need of both the codes in
the basis of their requirement and the advantages and the outcome after applying the codes.
Further, this paper analysis the effectiveness of both the codes in terms of their main
objectives. For this the paper analyse the effect of the codes in the operation of Australian
banking, superannuation and the financial service provider of the Australia. To perform the
above stated analysis properly requires the extensive research for the available documents
like banking standard of Australia, different official ad non- official press release related with
this topic along with the various articles available in the internet. The main objective of this
paper is to analyse the both the codes in terms of similarity, differences, need and the
effectiveness in their fundamental objectives.
Banking code of practice
The banking code of practice describe that how the banking and other financial sector
should perform their business activity. This provides the guidelines to the banks to perform
their everyday activity like taking deposit form the customers and allowing withdrawal in
their demand as well the other advance function services provided by the bank to their
customers. This also provides the guidelines to the banking regarding the various other
performance of the baking and the other financial institution of the bank (Gilligan, 2019).
This regulation is constructed and developed by the Australia Banking Association. The main
objective of this regulation is to save the public from the fraud and malfunction of banking
sectors.

ANALYSIS OF BANKING CODE OF PRACTICE AND APES 1102
The Code of Ethics for Professional Accountant
The Code of Ethics for Professional Accountant is set by the Accounting Professional
& Standard Board to provide the guideline to the professional accountant. The Accounting
Professional & Standard Board is an independent national body means this board is not
depended in anyone. This board set the guideline and the standards for the professional
accounting who are the member of Institute of Charter Accountants or the Institute of Public
Accountant and the CPA Australia (Davis, 2019). This code of ethics provides the guideline
to the professional accountant regarding their role and function while providing the
accounting services to the client. Same like the banking code of conduct, this code also
developed and imposed to ensure that the accountant must perform their duty properly with
involving any frauds.
Similarities between Banking Code of Practice and Code of ethics for Professional
Accountant
There are many similarity between the Banking Code of Practice and the Code of
ethics for professional accountant. The both codes are developed newly and applied to the
operation. The both code is developed to safe guard the interest of the public and to save the
customers or the client from the any kind of fraud or malfunctions. The both is based on the
accounting aspect and have the inter relation with each other (Baamir, 2016). The individual
committees formed by the governing bodies develop the both. The both are applicable in the
Australia and it surroundings.
Differences between the Banking Code of Practice and Code of ethics for Professional
Accountant