Welcome to Professionalism

Issue 49

In this issue we provide updates on APESB's activities and technical projects for
January to March 2026.

APESB marks two decades of setting ethical standards in the public interest

Established on 7 February 2006, the Accounting Professional and Ethical Standards Board (APESB) was formed as an independent standard‑setter to strengthen public trust by ensuring professional and ethical standards are developed in the public interest.

Over the past two decades, APESB has promoted ethical behaviour, professionalism and best practice in the accounting profession. Further information on APESB’s transparent, consultative approach, its global leadership and alignment with international standards, and its responses to emerging challenges such as sustainability reporting and assurance, and technology is set out in this Media Release.

Dinner Event

To mark its 20th anniversary, APESB hosted a dinner event for key stakeholders in Sydney on 26 March 2026, featuring a keynote address by IESBA Chair Gabriela Figueiredo Dias titled "Global Vision, Local Leadership: Advancing Ethics Together."

Gabriela’s keynote highlighted the link between global and local standard-setting, the enduring IESBA–APESB partnership, the geopolitical, economic and technological challenges faced by the profession, and the vital role of independent ethics standards-setting infrastructure and strong culture and governance in sustaining public trust in capital markets. The full keynote speech is available on IESBA's website. 

IFAC President Jean Bouquot also addressed the gathering and congratulated APESB on its milestone and the Australian professional bodies for creating a model for ethical standards setting that should be adopted by other jurisdictions.

During the event, APESB acknowledged the dedication, professionalism and generosity of the taskforce members who have helped APESB develop standards to uphold the ethical foundations of our profession.  At the event Five individual taskforce members were honoured for active contribution across APESB's two decades of operations:

• Greg O'Neill, Transport Accident Commission - APES 215
• Marina Stuart, Deloitte - APES 345, APES 350, APES GN 31
• Liz Giust, Qualitas Consulting - APES 325, APES 110 SMSF Independence and Sustainability
• Julie Williams, Insolvency & Turnaround Solutions - APES 330
• Robyn Erskine AM, Brooke Bird - APES 330

APESB also released a 20 Year Anniversary Booklet which captures the Board’s significant achievements over the past two decades, with a particular focus on the second decade.

Further information on the event is available in the APESB Alert. 

The Hon. Peter Garling RFD, SC, announced as new APESB Chair

In March 2026, APESB announced the appointment of the Hon. Peter Garling RFD, SC as its new Chair effective 27 March 2026.

Peter is a former Senior Judge of the Supreme Court of New South Wales. During his 46-year legal career, he specialised in professional negligence, commercial and insurance law, and administrative law. He served as a Judge of the Supreme Court of New South Wales, sitting in both the civil and criminal jurisdictions, from 2010 until his retirement in early March 2026. 

Peter assumes the role of Chair following the retirement of Ms Nancy Milne OAM on 26 March 2026. Peter paid tribute to his predecessor, Ms Nancy Milne OAM, noting that her leadership, professionalism and dedication during her tenure strengthened the APESB’s stature and reputation as a standard-setter in Australia and internationally.

The Board also extends its appreciation for Ms Milne's significant contributions, which leaves an outstanding legacy for APESB and the broader profession.

APESB 2026 Issues Register

APESB has issued an updated Issues Register, which now includes the following matters: 

• Updates to APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (APES 110) for:
  • a new footnote to the definition of 'Sustainability Assurance Team' to clarify that internal auditors are prohibited from being part of the Sustainability Assurance Team; and
  • Amending extant footnotes that refer to sustainability assurance engagements being performed by the entity’s auditor (who also performs the audit of the entity’s financial statements) to reflect ASIC’s interpretation of the legislation.
• APESB’s project to review its pronouncements for the impacts of sustainability and artificial intelligence.
• The review of APES GN 40 Ethical Conflicts in the Workplace – Considerations for Members in Business (APES GN 40) to consider amendments to align with new provisions in APES 110, and to assess whether additional ethical challenges need to be specifically addressed in the pronouncement.

Stakeholders can raise matters with the APESB for inclusion on the Issues Register on the APESB Website.

APESB and AUASB Joint Roundtable

The IAASB and IESBA are conducting a joint global stakeholder survey to inform the development of their Strategies and Work Plans for 2028-31.

APESB and the AUASB are holding a joint Australian Roundtable online on Thursday, 16 April 2026 to hear the views and thoughts from Australian stakeholders on the future strategy and workplans of the international standard-setting boards. These views will help inform the local standard setters’ responses to the IAASB and IESBA survey.

Exposure Draft Open for Comment

Proposed APES 206 Conformity with Sustainability Reporting Standards

APESB is seeking feedback on a new exposure draft (ED 01/26) which proposes the development and issue of a new standard APES 206 Conformity with Sustainability Reporting Standards (APES 206). 

The proposed APES 206 will address the professional obligations associated with reporting sustainability information, including information required under the new suite of Australian Sustainability Reporting Standards (ASRS) issued by the Australian Accounting Standards Board (AASB).

Stakeholder comments are requested by 29 May 2026.

Read the Technical Alert and the Exposure Draft.

APESB March 2026 Board Meeting

APESB held its quarterly Board meeting on 26 March 2026.

The Board was honoured to have the IESBA Chair Gabriela Figueiredo Dias in attendance at the meeting, where she provided an update on IESBA strategic priorities and highlighted key global risks including geopolitics, technology, particularly artificial intelligence, economic pressures and fragmentation.  

The Board approved an Exposure Draft relating to proposed APES 206 (as noted above) and considered the APESB Issues Register for 2026. The Board also received updates on current APESB projects for the review of APESB's Guidance on Audit Partner Rotation and the review of APES GN 40. 

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 March 2026 Board meeting here.

International Developments

IESBA Board Meeting

The IESBA held a Board meeting on 9-12 March 2026. APESB CEO, Mr Channa Wijesinghe attended the meeting in his capacity as the IESBA's Vice Chair.

During the meeting, the IESBA considered and approved the stakeholder surveys for the post-implementation review of the restructured Code and NOCLAR provisions. Both surveys were released for public input in early April 2026.

The IESBA also received updates on the IESBA projects relating to firm culture and governance, the role of CFOs, sustainability adoption and implementation, the development of technology-related non-authoritative materials, and private equity investments in accounting firms. Click here to read the Board Meeting Highlights.

The next IESBA Board meeting will be held on 8-11 June 2026 in New York.

Recent APESB Submission

APESB Submission to the Senate Committee Inquiry on the Ban Unethical Contractors Bill 2025

On 12 December 2025, APESB made a submission to the inquiry into Public Governance, Performance and Accountability Amendment (Ban Unethical Contractors) Bill 2025.  In the submission, APESB noted that it was unable to provide commentary on likely penalties for unethical behaviour, as such matters fall outside APESB’s mandate.  

Recent APESB Presentations and Other Activities

CA ANZ Disciplinary Panels Annual Conduct Day

On 12 March 2026, APESB CEO Channa Wijesinghe presented to the CA ANZ Disciplinary Panels on recent updates to the Code of Ethics. The presentation covered the Code of Ethics, focusing on its conceptual framework and practical resources to support its application. Read the slides here.

CA ANZ Article on Code Essentials for Professional Accountants

APESB Technical Staff collaborated with CA ANZ to update an article, Code Essentials for Professional Accountants – 2026 Edition, that was published in January 2026.

The article highlights how the Code is structured, its mandatory requirements, and the importance of professional judgment in applying its guidance. Further details are available in the CA ANZ’s Practical Ethics Advice Series.