It remains vital that there is a profession-wide consistency in accounting for determining when it is possible to issue a due diligence sign-off, according to the Accounting Professional and Ethical Standards Board (APESB).
The APESB has today issued new guidance around due diligence sign-offs for low doc offerings and called for greater clarity around conduct for accountants.
The APES GN 31 Professional and Ethical Considerations relating to Low Doc Offering Sign-offs guidance note release set out a variety of ethical and professional considerations for accountants as recommended by the APESB, which included accountant public practice and the conducting of engagements in connection with low doc offerings.
APESB chair, Nicola Roxon said the release of the guidance notes would aim to address the crucial need for professional conduct consistency in accounting.
“We are pleased to have received positive interest and engagement from the profession and are confident that the new guidance note provides valuable guidance on due diligence engagements involving low doc offerings,” she said.
The guidance note considered the following:
- Scope and application of the guide in public practice;
- Definitions for low doc offering, low doc offering sign-off, and low do offering documents;
- Responsibilities of members in public practice, and;
- Roles of members in public practice in relation to low doc offerings.
The guidance supports the previously released APESB 350: Participation by Members in Public Practice in Due Diligence Committees in connection with a Public Document.