APES 110 Code of Ethics for Professional Accountants

This article discusses the APES 110 Code of Ethics for Professional Accountants and its significance in guiding accounting professionals in their work. It explains the role of the APESB in developing and issuing ethical standards, the fundamental principles of the code, and the application of the code to different categories of accountants. The article emphasizes the importance of following ethical standards to ensure the public interest is served and provides examples of threats and safeguards in compliance with the code.

Individual
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Table of Contents
TOPIC - APES 110 CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS...................3
INTRODUCTION ..........................................................................................................................3
MAIN BODY ..................................................................................................................................3
CONCLUSION ...............................................................................................................................5
REFERENCES................................................................................................................................6
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TOPIC - APES 110 ETHICS CODES WHICH ARE USE FOR
PROFESSIONAL ACCOUNTANTS
INTRODUCTION
Professional accountants are considered a person who is expert in the accounting field as
they attain formal education as well as practical experiences. These people also do continuous
learning and development according to the several accounting standards which is equivalent to
the IESBA Ethics Codes for Bookkeepers and IAESB (Bowles, Ghosh and Thomas, 2020). The
respective project is based on the topic APES 110 ETHICS CODES FOR SPECIALISED
ACCOUNTANTS. It is essential for accounting professionals to understand respective code of
ethics as that will help in conducting works in effective manner.
MAIN BODY
The code of ethics is mainly developed and delivered by Bookkeeping Specialised as
well as Ethical Values Boards (APESB). APESB remains an independent body which is
introduced in 2006 by way of an initiative of the CPA Australia as well as CA in Australia as
well as New Zealand (After that the organisation of Character Bookkeepers in Australia). There
are several members of the APESB such as CPA Australia, the Institute of Public Accountants as
well as Chartered Accountants ANZ. The main role of APESB is to create as well as issues
professional and ethical standards in respect of public interest which apply to CPA members of
Australia as well as it is also applicable to the other two Australian accounting bodies (APES 110
CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS, 2020). All such CODE is
generally based on the code of Ethics for professional Bookkeepers which are issued or formed
through the global ethics principles boards for bookkeepers which is the part IFAC. In addition
to this, members who are practising in the Australia or abroad need to obey with standards
otherwise they ventilated from conducting so by specific law and regulation applicable (Pan and
Patel, 2020). In order to apply the requirements outline is developed in the code as well as
members are provided guidelines not only in arguments but likewise by proper essence of
programme. In the program, answering to Non-compliance by Rules and Guidelines (NOCLAR)
is considered as novel segment of code. It generally provides framework in order to provide
controller specialised accountants in order to understand what action to be taken in respect of
people welfare when all get conscious of hypothetical illegal performance or NOCLAR,
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conducted by any employer or client. The main objective of the CODE OF ETHICS of APA 110
which are developed for accountant is to deliver guideline or summary of outline of code as well
as to contribution participants or members in order to access the relevant section of code in more
effective way (Shailer, 2020). The impression is not considered as replacement aspect of specific
code. It must be utilized in the conjunction with as well as not in its place of programme. There
are main five fundamental principles of Ethics code under APES 110 for accountant which are
professionally working such as objectivity, integrity, professional competence, confidentiality as
well as owed care and professional behaviour in code.
Along with this, these accountants are categorized into 3 segments like in Section A which
implements to different candidates, section B that is applied to candidates in social aspects along
with section that is applied to candidates in companies but such candidates are in social aspects
can be taken as reliable. The Section A explain or evaluate about the overarching responsibilities
for acting in public interest as well as fundamental principles of the respective code. This part
mainly outline threats to compliance along with the fundamental principle as well as possible
safeguards and conceptual framework. There are several general application of Section A such as
it is acting in the public interest as well as there are several principles of this code which need to
follow by the professional accountant need to follow. The respective part also include conceptual
framework of this code that which is based on the requirement active consideration of problems
which are based on fundamental principles. The next is Section B of amends of ethical aspect for
liable to genuine accountants which mainly describe how conceptual framework or model
explain PART A which applies to the members in public practices. According to this candidates
in the social aspects can experienced numbers of situations which issues aspects along with the
basic aspects (Yan and Maheshwari, 2020). Like – when an organization has undue dependency
on overall expenditure from its clients a self interest terror may develop. In this there is Section
200 which provide examples related to threats which may be developed in public practices as
well as that is relevant to safeguards which may be implemented in order to eliminate threats or
reduce it at the satisfactory level. The third and last is PART C of ethical aspect of genuine
accountant will provide explanation related to how Part A as well as its conceptual model
implement to members in the businesses. Members who are in public practice will also find
respective information relevant as well as authenticate. It is essential for professional accountant
to follow all the aspects and principles of ethical aspect of genuine accountant.
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CONCLUSION
By conducting analysis of above mentioned topics it can be summarised that for a
professional accountant it is essential to follow proper accounting standards which are developed
by accounting department of government. It is so because through it they able to conduct their
work in effective manner as well as it also provides guidelines which minimise errors while
conducting accounting activities. In respect of this, it is essential for management to adopt or
implement important ethic codes which is developed as well as allotted by regulatory bodies.
This mainly provide guidelines to the expert auditors in that actions are implemented as per
public interest when they get to know about supposed unlawful performance or NOCLAR
dedicated by employers or clients.
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REFERENCES
Books and Journals
Bowles, M., Ghosh, S. and Thomas, L., 2020. Future-proofing accounting professionals:
Ensuring graduate employability and future readiness. Journal of Teaching and
Learning for Graduate Employability, 11(1), pp.1-21.
Pan, P. and Patel, C., 2020. Formal accountability, perceived accountability and aggressive
reporting judgements. Accounting and Business Research, pp.1-27.
Shailer, G., 2020. Ethics in the Independent Audits of Financial Statements. Handbook on Ethics
in Finance, pp.1-17.
Yan, K. and Maheshwari, S., 2020. LIMITATIONS OF FINANCIAL ADVISER STANDARDS
AND ETHICS AUTHORITY’S CODE OF ETHICS. Delhi Business Review, 21(1),
pp.1-11.
Online
APES 110 CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS. 2020. [Online].
Available
through:<https://www.cpaaustralia.com.au/professional-resources/accounting-
professional-and-ethical-standards/apes-110-code-of-ethics-for-professional-
accountants>.
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