The Independence Guide is designed for members in public practice addressing independence in the context of assurance engagements. It provides an explanation of the conceptual approach to independence set out in Sections 290 and 291 of APES 110 Code of Ethics for Professional Accountants, and guidance on the application of that approach for assurance practitioners. Practical examples of independence issues encountered by accountants and auditors are included.
Major changes in this 2013 version of the Independence Guide include:
- Updating the definition of public interest entity to reflect amendments to APES 110 issued in December 2011
- Reflecting the extension of independence requirements applicable to audits of listed entities to all public interest entities (including rotation requirements)
- Introducing guidance in relation to the concept of a key audit partner
- Introducing guidance to assist in the practical application of the SMSF auditor independence requirements
- Making updates to reflect legislative changes, such as removing the quantitative amount of $5000 that was previously contained in s. 324CH(1) of the Corporations Act.
The Independence Guide is a joint publication of the Institute of Chartered Accountants Australia, CPA Australia and the Institute of Public Accountants.
Download a copy of the Independence guide: 4th edition (PDF).
This article was submitted by Institute of Chartered Accountants Australia.