Consultation on draft of 4th Edition of the ARITA Code of Professional Practice

ARITA’s Board has approved a consultation draft of our proposed 4th Edition of the ARITA Code of Professional Practice.

Recognising the importance of the Code not just in setting high standards for the profession but in supporting practical and functional guidance for how restructuring, insolvency and turnaround work is undertaken, the Board is seeking your detailed feedback on the draft.

The proposed format of the Code differs significantly from previous editions. The Code is now split into an overarching Code of Ethics and is then split into separate Codes for formal insolvency appointments and for all other advisory work. Members working on formal insolvency appointments will find the Insolvency Services standard greatly simplified from previous versions, with much of the prior content being shifted out to non-binding Practice Statements (which will be issued for separate, technical consultation in the coming weeks).

It will also be obvious that significant work has been undertaken to try to align the Insolvency Services code with the proposed draft APES 330. APES 330 is also currently out for consultation – an arrangement we have worked to achieve with APESB, noting that all members of Australian accounting bodies are required to comply with APES 330. This should help simplify compliance and provide greater clarity for members and other stakeholders.

We strongly encourage you to take the time to carefully review the proposed draft, ask questions of the technical specialists and submit your feedback by 18 February 2019 for the Board to consider.

Please send your questions or formal feedback to SpecialistTeam@arita.com.au

Code of Ethics - Draft
Code of Professional Practice: Insolvency Services - Draft
Code of Professional Practice: Advisory Services - Draft