Ethics, Regulatory Compliance and Professional Independence

StewartBrown team members uphold the highest standards of ethical conduct, regulatory compliance, and professional independence. Our commitment is fundamental to how we conduct our business and serve our clients. The following core principles and practices underscore our dedication to these areas.

Ethics, Regulatory Compliance and Professional Independence

StewartBrown team members uphold the highest standards of ethical conduct, regulatory compliance, and professional independence. Our commitment is fundamental to how we conduct our business and serve our clients. The following core principles and practices underscore our dedication to these areas.

Ethical standards

As members of Chartered Accountants Australia and New Zealand (CAANZ), we adhere strictly to the CAANZ By-laws and Regulations, ASQM Quality Management for firms that perform audits or reviews of financial reports and other financial information, or other assurance-related engagements. APES 110 Code of Ethics for Professional Accountants, and other mandatory ethical pronouncements. These standards guide our professional conduct and ensure we maintain the highest level of integrity and professionalism.

Integrity and objectivity: We act with integrity, ensuring our decisions are made with honesty and fairness. We maintain objectivity by avoiding conflicts of interest and ensuring our professional judgment is not compromised
Confidentiality: We respect the confidentiality of information acquired during the course of our work and do not disclose information to third parties without proper authority unless there is a legal or professional obligation to do so
Professional competence and due care: We commit to maintaining professional knowledge and skill at the level required to ensure our clients receive competent professional service. We act diligently and in accordance with applicable technical and professional standards

Independence

Independence is crucial to maintaining public trust and ensuring the integrity of our work. We have stringent policies and procedures in place to safeguard our independence:

Annual independence confirmation: All team members complete an annual independence confirmation to ensure compliance with our independence policies and ASQM1/APES 110 requirements
Independence threats: We identify, evaluate, and address any threats to our independence, ensuring they are eliminated or reduced to an acceptable level
Partner rotation: For certain audit engagements, we rotate key audit partners after a specified period to maintain objectivity and independence

Independence

Independence is crucial to maintaining public trust and ensuring the integrity of our work. We have stringent policies and procedures in place to safeguard our independence:

Annual independence confirmation: All team members complete an annual independence confirmation to ensure compliance with our independence policies and ASQM1/APES 110 requirements
Independence threats: We identify, evaluate, and address any threats to our independence, ensuring they are eliminated or reduced to an acceptable level
Partner rotation: For certain audit engagements, we rotate key audit partners after a specified period to maintain objectivity and independence

Regulatory compliance

We are committed to complying with all relevant regulatory requirements and standards. Our firm’s policies and procedures are designed to ensure compliance with applicable laws and regulations, including:

Audit quality management: We adhere to the highest standards for quality management in our audit and assurance engagements, ensuring a robust and effective system of quality control
Risk assessment: We implement a risk-based approach to identify and manage quality risks, ensuring the highest standards of service delivery
Engagement performance: We ensure our engagement teams understand and fulfil their responsibilities, maintaining the overall responsibility for managing and achieving quality throughout the engagement

Governance and leadership

Our leadership is committed to maintaining the highest standards of quality through their actions and decisions. They are responsible and accountable for the firm’s system of quality management, ensuring that quality is a key consideration in all strategic decisions and operations.

Commitment to quality: Our leadership's commitment to quality is demonstrated through their actions and behaviours, fostering a culture of excellence throughout the firm
Assignment of responsibilities: We assign clear roles and responsibilities for managing our system of quality management to ensure effective governance and accountability
Ongoing training: We provide regular training for all audit and accounting team members to ensure they are equipped with the latest knowledge and skills necessary to uphold our quality standards
Continuous improvement: We regularly evaluate our system of quality management and implement necessary improvements to maintain and enhance the quality of our services

Transparency and accountability

We believe in transparency and accountability in all our professional dealings. Our policies and procedures for ethics, regulatory compliance, and independence are documented and made available to all team members. We encourage open communication and feedback to continuously improve our practices.

Contact us

For more information about our commitment to ethics, regulatory compliance and professional independence, please contact us at info@stewartbrown.com.au