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The Accounting Professional and Ethical Standards Board (APESB) has called for comment on a proposed revision to the professional and ethical standards concerning due diligence committees.
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APESB calls for comment on due diligence committee requirements
30 April 2015
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The proposal is included in an exposure draft issued this week by the APESB.
In a statement, the board said the current standard (APES 350) deals with Australian accounting firms and practitioners involved with due diligence committees.
“The revision includes expanded definitions and provides guidance about bringing matters to the attention of clients or due diligence committees.”
Nicola Roxon, former federal attorney-general and health minister and current chair of the APESB, said the board has taken the opportunity to include additional guidance for professional accountants in reporting new circumstances.
“We are pleased to provide those who act as due diligence committee observers with additional guidance in handling a new circumstances statement. Compliance will provide greater consistency of reporting across the profession,” says Ms Roxon.
The revision also brings the standard into line with changes to the international Code of Ethics for Professional Accountants and takes account of recent amendments to accounting standards and auditing standards.
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