iscover APESB celebrates its 20-year anniversary
BusinessAfter its 20th birthday last week (7 February), the Accounting Professional and Ethical Standards Board (APESB) reflected on its journey and purpose as the nation’s professional and ethical standard-setter.
APESB was established on 7 February 2006 in a collaborative effort by CPA Australia, CA ANZ, and the Institute of Public Accountants to create an independent board operating in the public interest to promote ethical behaviour, professionalism and best practice in the accounting profession.
Over time, the board’s standards have evolved “in response to changing community expectations, increased regulatory scrutiny and the growing complexity of professional activities undertaken by accountants,” APESB said.
National ethics board
APESB sets unified ethical and professional standards for CPA Australia, Chartered Accountants Australia and New Zealand, and the Institute of Public Accountants to ensure a consistent ethical framework across accounting nationwide.
The board calls its governance “distinctive” and is made up of independent, non-executive directors and an independent chair, which acts as “a longstanding safeguard that reinforces its independence and public-interest mandate”.
While APESB sets the standards, professional bodies and regulators “monitor and enforce compliance, separating independent standard-setting from oversight and monitoring activities”, the board noted.
The board’s chair, Nancy Milne OAM, said: “Events of recent years have reinforced the importance of robust ethical standards and the application of professional judgement in the work performed by the accounting profession.”
“For 20 years, APESB has operated independently and in the public interest to support confidence and trust in the Australian accounting profession and the public they serve with limited resources but with outstanding commitment, professionalism and dedication.”
Global alignment and leadership
APESB works closely with the International Ethics Standards Board for Accountants (IESBA) and has strengthened its engagement with the international board through the role of its chief executive, Channa Wijesinghe, as an IESBA board member and its current vice chair.
APESB noted that Australia leads in several global challenges, including being “among the first jurisdictions globally to adopt IESBA’s ethics and independence standards for technology, tax planning and sustainability”.
“APESB’s independent model and single national mandate ensure Australian accountants operate under one consistent ethical framework, aligned with global standards and supplemented by Australian-specific requirements,” Wijesinghe said.
That clarity is critical to maintaining public confidence – especially as new areas such as sustainability information and artificial intelligence reshape the work of professional accountants.”
Milne added: “While the profession and its operating environment continue to change, APESB’s purpose remains constant.”
“As we enter our third decade, we remain committed to setting high-quality ethical and professional standards in the public interest – now and into the future,” Milne concluded.
Carlos Tse
Carlos Tse is a graduate journalist writing for Accountants Daily, HR Leader, Lawyers Weekly.
