Document ID: chunk:federal_register_of_legislation:F2025L00108:body:0:p5
Version: federal_register_of_legislation:F2025L00108
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APESB Code. It further acknowledges that some jurisdictions might have provisions in law or regulation that differ from or go beyond those set out in the APESB Code and that members or practitioners in those jurisdictions need to be aware of those differences and comply with the more stringent provisions, unless prohibited by law or regulation.

 1.                Paragraph A62 of ASQM 1 is amended to read as follows:

The APESB Code sets out the fundamental principles of ethics that establish the standards of behaviour expected of a member or practitioner and establishes the Australian Independence Standards. The fundamental principles are integrity, objectivity, professional competence and due care, confidentiality and professional behaviour. The APESB Code also specifies the approach that a member or practitioner is required to apply to comply with the fundamental principles and, when applicable, the Australian Independence Standards. In addition, the APESB Code addresses specific topics relevant to complying with the fundamental principles. Law or regulation in a jurisdiction may also contain provisions addressing ethical requirements, including independence, such as privacy laws affecting the confidentiality of information.

 1.                Paragraph A83 of ASQM 1 is amended to read as follows:

Law, regulation or AUASB standards may prescribe the time limits by which the assembly of final engagement files for specific types of engagements are to be completed. Where no such time limits are prescribed in law or regulation, the time limit may be determined by the firm. In the case of engagements conducted under the ASAs, ASSAs or ASAEs, an appropriate time limit within which to complete the assembly of the final engagement file is ordinarily not more than 60 days after the date of the engagement report.

 1.                Paragraph A85 of ASQM 1 is amended to read as follows:

Law, regulation or AUASB standards may prescribe the retention periods for engagement documentation. If the retention periods are not prescribed, the firm may consider the nature of the engagements performed by the firm and the firm's circumstances, including whether the engagement documentation is needed to provide a record of matters of continuing significance to future engagements. In the case of engagements conducted under the ASAs, ASSAs or ASAEs, the retention period is ordinarily no shorter than five years from the date of the engagement report, or, if later, the date of the auditor's report on the group financial report, when applicable.

Amendments to ASQM 2

 1.                Paragraph Aus 0.1 of ASQM 2 is amended as follows:

         1.                 Subparagraph (e) becomes subparagraph (g);

         2.                 Subparagraph (f) becomes subparagraph (h);

         3.                 Insert the following new subparagraphs:

'(e) assurance over information in sustainability reports for the purposes of Chapter 2M of the Corporations Act 2001;

(f) assurance over other sustainability information for