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Welcome to Professionalism
Issue 50
The release of our 50th eNewsletter marks an important milestone in keeping our stakeholders informed and connected. We extend our thanks to all our stakeholders who have read, engaged with, and contributed to the success of this publication over the years.
In this issue we provide updates on APESB's activities and technical projects for
April to June 2026.
Updated Guidance on Audit Partner and Sustainability Assurance Leader Rotation
On 9 July 2026, APESB issued the updated guidance document Audit Partner and Sustainability Assurance Leader Rotation Requirements in Australia Technical Staff Questions & Answers (Third edition: July 2026).
The publication outlines the long association requirements in the Code, including those that apply to sustainability assurance requirements subject to Part 5 of the Code, as well as the Corporations Act 2001 requirements for sustainability reporting and assurance. Further details are available in the Technical Alert.
Building an Ethical Culture in Professional Firms: Governance, Leadership, and Accountability
On 20 May 2026, an article on Firm Culture and Governance written by APESB CEO and IESBA Vice Chair Channa Wijesinghe was featured in the Centenary Special Issue of The Chamber's Journal, published by The Chamber of Tax Consultants (CTC) in India, marking CTC's 100th year and the Journal's 50th, celebrated with the issue of six special editions in 2025-2026.
The article Building an Ethical Culture in Professional Firms: Governance, Leadership, and Accountability outlines the eight Firm Culture and Governance (FCG) elements identified in IESBA's FCG Project and how firms are already implementing good practices aligned to these elements.
APESB welcomes a new Director
In May 2026, we welcomed Mr Mike Wright as APESB's newest Board Director.
Mike Wright recently retired as Managing Partner of EY Asia-Pacific Assurance, concluding a distinguished career spanning more than three decades in the audit profession in the UK and Australia. Having been admitted as a partner in 2000, as well as being the audit partner on many of EY's largest clients, Mike held several senior leadership positions throughout his tenure, including NSW Assurance Managing Partner, Oceania Assurance Managing Partner, and Managing Partner of EY Asia-Pacific Assurance. Mike is a member of Chartered Accountants Australia and New Zealand.
Mike brings extensive assurance and audit experience, having advised and served some of the largest multinational corporations and ASX-listed companies. His industry expertise is particularly strong in the media and consumer products sectors, where he has worked closely with leading organisations on complex assurance and financial reporting matters. Mike's experience will provide valuable input to support APESB's ongoing development of professional and ethical standards.
APESB June 2026 Board Meeting
APESB held its quarterly Board meeting on 4 June 2026.
The Board approved the updated guidance on Audit Partner and Sustainability Assurance Leader Rotation Requirements in Australia and agreed to approve the issue of an Exposure Draft on APES GN 40 Ethical Conflicts in the Workplace - Considerations for Members in Business out of session.
The Board considered updates on current APESB projects, including:
- APESB Guidance on Whistleblowing and Confidentiality;
- APESB pronouncements for Sustainability and AI; and
- the proposed sixth edition of the Auditor Independence Guide.
The Board also received a presentation from Professor Michael Davern of the University of Melbourne on the impact of AI on the accounting profession.
An overview of key decisions made and projects discussed can be watched via video or read via the highlights document.
International Developments
IESBA Board Meeting
The IESBA held a Board meeting on 8-11 June 2026. APESB CEO, Mr Channa Wijesinghe attended the meeting in his capacity as the IESBA's Vice Chair.
Key decisions made and matters discussed at the meeting included:
- A decision to address Firm Culture and Governance through a targeted update to the Code - a single, high-level, overarching requirement anchored in the Code, which will be supported by application material referencing eight proposed interconnected elements.
- Alignment on forward priorities, including Technology and AI, Private Equity Investment in Accounting Firms, and adoption and implementation of IESBA standards.
- Discussion of the CFO role, including ethical dilemmas CFOs face and the value of additional targeted support in applying the Code.
Click here to watch the IESBA Chair outlining the Board Meeting Highlights.
The next IESBA Board meeting will be held on 14-18 September 2026 in Madrid.
IESBA's Annual Jurisdictional Standards Setters (JSS) Meeting
APESB Chair The Hon. Peter Garling RFD, SC represented the Board at the IESBA Annual Jurisdictional Standards Setters (JSS) meeting in Madrid on 29 April to 1 May 2026. APESB CEO Channa Wijesinghe attended virtually.
Key topics covered at this annual meeting included updates on the IESBA’s Firm Culture and Governance project, Independence Standards for Sustainability Assurance Engagements outside the scope of the IESSA, the role of CFOs, and Alternative Practice Structure of Accounting Firms.
APESB Roundtables
During this quarter, APESB held two joint roundtables with fellow standard setters to inform responses to international stakeholder outreach.
APESB and AUASB Joint Roundtable
On 16 April 2026, APESB joined with the Auditing and Assurance Standards Board (AUASB) in hosting a virtual roundtable for Australian stakeholders to share views on the IAASB and IESBA's stakeholder survey on their Work Plans for 2028-31. The discussion focused on the International Standards Setting Boards' (SSBs) Strategic Positioning 2023-2031, key trends impacting the SSBs, and areas for joint actions in the SSB’s Work Plans. Roundtable slides are available here.
APESB's submission to the survey encouraged the International SSBs to consolidate existing standards rather than expand them, balance agility with stability, broaden stakeholder input, strengthen coordination between the IESBA and the IAASB, and enhance implementation support. APESB also strongly supported early alignment where timing, terminology and scope must be consistent to avoid unnecessary burden on practitioners.
APESB and XRB Joint Roundtable
On 3 June 2026, APESB and the New Zealand External Reporting Board (XRB) hosted a joint virtual roundtable to inform responses to two important IESBA post implementation reviews:
- the Restructured Code (comment period closes: 3 July 2026); and
- the Non-Compliance with Laws and Regulations (NOCLAR) provisions of the Code (comment period closes: 30 July 2026).
The roundtable bought together Australian and New Zealand stakeholders to share their insights on whether the standards are achieving their intended objectives, and to help identify any opportunities for further enhancement. The roundtable slides are available here.
APESB submitted its response to the Restructured Code survey on 30 June 2026 and will submit its response to the NOCLAR survey by the end of July 2026.
APESB Submissions
IESBA’s Role of CFO Survey
On 20 April 2026, APESB made a submission to IESBA’s Role of CFOs Survey which highlighted the expanding roles undertaken by CFOs, such as risk management, compliance, internal controls, sustainability/ESG reporting, technology, data governance and AI oversight. APESB noted technology and AI as the most current significant underlying cause of ethical challenges for CFOs. APESB recommended the IESBA prioritise ethical leadership and culture, technology, data and AI governance, and addressing pressures, incentives, and organisational dynamics.
Draft TPB Information Sheet on the use of AI and the Code of Professional Conduct
On 21 April 2026, APESB made a submission to the Tax Practitioners Board (the TPB) on its draft guidance on the use of AI and the TPB's Code of Professional Conduct. APESB was supportive of the TPB’s proposed information sheet recognising it will assist registered tax practitioners to understand and comply with their obligations when using AI in the provision of tax services.
Recent APESB Presentations
The Institute of Chartered Accountants of Sri Lanka, Australia Chapter
On 21 April 2026, APESB CEO Channa Wijesinghe delivered a presentation to the Institute of Chartered Accountants of Sri Lanka, Australia Chapter. The presentation covered the APESB’s role and mandate, APESB pronouncements, Code of Ethics, Technology-related revisions, and the ethical implications of AI and Sustainability. Read the slides here.
CA ANZ Accounting Conference 2026
On 21 May 2026, APESB CEO Channa Wijesinghe presented at the CA ANZ Accounting Conference, delivering a session titled “Navigating the Code of Ethics through an AI Lens” to over 500 conference participants. The presentation explored how the Code of Ethics addresses the ethical considerations when professional accountants use AI in their work, offering practical examples and guidance to support ethical decision-making and leadership in AI-enabled organisations. Read the slides here.
CA ANZ Presentation for Business Valuation Specialists
On 23 June 2026, APESB CEO Channa Wijesinghe and FTI Consulting Senior Managing Director Fiona Hansen presented to CA ANZ members on Ethical considerations on the risks of generative AI for Business Valuation Specialists. The presentation explored professional integrity in AI assisted analysis, risks of data bias, appropriate reliance on AI generated outputs, and expectations under APESB standards. Read the slides here.
