Welcome to Professionalism

Issue 46

In this issue we provide updates on APESB's activities and technical projects for
April to June 2025.

Australian Ethics and Independence Standards for Sustainability Assurance and Reporting

At the APESB Board Meeting on 17 June 2025, the Board approved the Combined Amending Standard to APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) for Sustainability Assurance and Reporting and Using the Work of External Experts. 

This milestone event marks Australia as the first jurisdiction in the world to adopt the IESBA’s Global Ethics Sustainability Standards issued globally in January 2025.

The new Combined Amending Standard will provide ethical guidance to sustainability reporting and assurance practitioners to deliver the mandatory Australian climate-related financial disclosures and sustainability assurance reports for annual reports commencing for Group 1 Entities as specified in Australian climate legislation from 1 January 2025.  

APESB expects to issue the Combined Amending Standard incorporating PDF enhanced features in the second week of July 2025.

New Compiled Code of Ethics

On 27 June 2025, APESB issued a new compiled APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (Compiled Code). 

The Compiled Code incorporates the restructured Code and the ten Amending Standards issued up to the end of January 2025, including the new Amending Standard on Tax Planning and Related Services revisions to the Code.

Read the Compiled Code of Ethics and the Technical Alert.

APESB June 2025 Board Meeting

APESB held its quarterly Board meeting on 17 June 2025. The Board approved:

• the Combined Amending Standard to APES 110 for Sustainability Assurance and Reporting and the Use of External Experts; and
• the new Compiled Code incorporating the Tax Planning and Related Services Amending Standard (as noted above). 

The Board also considered updates on APES 230 Financial Planning Services, IESBA's consultation on Collective Investment Vehicles (CIVs) and Pension Funds, and the emerging issue of Private Equity Investment (PEI) in accounting firms.

The Board also received an update from the AUASB Chair, Mr Doug Niven, on the AUASB's May 2025 Board Meeting and decisions made relating to the sustainability assurance standards. 

In a video clip posted on LinkedIn, Mr Channa Wijesinghe, APESB’s CEO, provides an overview of key decisions made and projects discussed at this meeting, or you can read the highlights of the June 2025 Board meeting here.

International Developments

IESBA Conference 2025

The IESBA Ethics and Independence Conference 2025 will bring together global leaders this September in Lisbon to address some of the most urgent ethical and public interest questions facing business, the accounting profession, and financial markets. Under the theme “Ethics and Audit Independence: Pillars of Resilience and Competitiveness in Turbulent Times,” the conference will feature senior leaders from across business, regulation, and professional services exploring how ethics can anchor the accounting profession in an era of disruption and major business transformations.

Registration for the conference is open. For the full program, updates, and registration, please visit IESBA's website.  

IESBA Board Meeting

The IESBA held a Board meeting on 9-12 June 2025. APESB CEO, Mr Channa Wijesinghe attended the meeting in his capacity as the IESBA's Vice Chair.

During the meeting, the IESBA considered the commencement dates for the Post-Implementation Review of the restructured Code, NOCLAR and Long Association provisions, and progress on both standard-setting and non-authoritative materials (NAM) workstreams under the Firm Culture and Governance project. The IESBA determined to place a higher priority on the NAM workstream of the Firm Culture and Governance Project in the second half of 2025. Click here to read the Board Meeting Papers.

The next IESBA Board meeting will be held on 15-19 September 2025 in Lisbon, Portugal.

IESBA's Annual Jurisdictional Standards Setters (JSS) Meeting

APESB Director Damien Moore and Technical Director Jacinta Harahan represented the Board at the IESBA Annual Jurisdictional Standards Setters (JSS) meeting in New York on 7–8 May 2025. CEO Channa Wijesinghe attended in his role as IESBA Vice Chair. The APESB delegation held a constructive dialogue with IESBA Chair Gabriela Figueiredo Dias and IESBA Program and Senior Director Ken Siong.

Key topics covered at this annual meeting included the adoption and implementation of Sustainability and the External Expert Standards, updates on the IESBA’s work on Tax Planning, Technology, Firm Culture and Governance (FCG), and Private Equity Investments in Accounting Firms, and a presentation on mitigating financial crime risks and vulnerabilities in the Accounting Profession.

IESBA's Global Roundtable in Asia - Kuala Lumpur  

The IESBA has been conducting global roundtables on their Firm Culture and Governance project to gather views from a broad range of global stakeholders. In April 2025, Mr Wijesinghe, in his role as Lead Board Advisor for this IESBA project, attended the in-person global Asian roundtable in Kuala Lumpur, Malaysia, concluding a global series of roundtables following successful in-person sessions in New York, Melbourne, and Brussels, as well as virtual roundtables for Africa and Latin America.

Sustainability-related Developments

IAASB and IESBA released FAQs on Sustainability Assurance

In June 2025, the IAASB and IESBA Staff released two new publications to support the implementation of the IAASB's and IESBA's global Sustainability-related standards.

• Joint IAASB and IESBA FAQs on Sustainability Assurance Engagements address practical questions about applying the International Standard on Sustainability Assurance (ISSA 5000) and the International Ethics Standards for Sustainability Assurance (IESSA) together. 
• IESBA Staff Q&As on IESSA focuses on ethics and independence considerations for practitioners performing sustainability assurance engagements.  

Further details are available in the IESBA's media release.

IAASB and IESBA launched new feedback mechanism to gather implementation insights on Sustainability standards

In June 2025, the IAASB and IESBA launched a new online mechanism to gather feedback on its respective Sustainability standards and created Monitoring and Implementation Groups under each Board to identify any practical implementation matters related to its issued Sustainability-related standards.  

Online submissions for the IESSA and ISSA 5000 can be made on the IESBA's website and the IAASB's website, respectively. 

Recent APESB Submission

APESB Submission on AUASB's Exposure Draft Proposed amendments to ASSA 5000 and ASA 102

On 4 May 2025, APESB made a submission to the AUASB’s exposure draft Proposed amendments to ASSA 5000 General Requirements for Sustainability Assurance Engagements and ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements.

APESB supported the AUASB’s pragmatic approach of referencing the relevant ethical requirements of Part 5 of the IESBA Code when approving ASSA 5000, as an interim measure, pending the revisions to APES 110 for Sustainability Assurance.

APESB expressed concerns regarding the commentary on ethics and independence matters in AUASB’s ED, some of the substance in the ED, and the timeline for the proposed amendments.

Recent APESB Presentations

CPA Australia Reporting Centre of Excellence

On 2 May 2025, APESB CEO, Mr Channa Wijesinghe delivered a Professional Standards Update at CPA Australia’s Reporting Centre of Excellence. The presentation covered the IESBA Code, APESB’s engagement with the IESBA, APESB’s current project on Sustainability Ethics and Independence Standards, the IESBA’s Firm Culture and Governance project and the IESBA’s consultation paper on CIVs and Pension Funds. Read the slides here.

CA ANZ Audit and Accounting Conferences 2005

APESB made presentations at both the 2025 Accounting and Auditing Conferences for CA ANZ.

On 21 May 2025, APESB CEO, Mr Channa Wijesinghe presented at the CA ANZ Audit Conference 2025 on Ethics and Independence Updates from the Standard Setters. Mr Wijesinghe’s presentation focused on the new Sustainability Ethics and Independence Standards, covering its scope and characteristics, sustainability assurance engagements for groups and value chain components, related non-assurance services provisions, and using the work of an external expert. Read the slides here.

On 22 May 2025, APESB Technical Director, Ms Jacinta Hanrahan presented at the CA ANZ Accounting Conference 2025 on Ethics Update – Recent Key Changes in the Code of Ethics. The presentation covered the Code of Ethics, the Tax Planning and Technology-related revisions to the Code, and updates on the IESBA’s ethical standards for Sustainability Reporting. Read the slides here.