What is the APES 325 (Risk management for firms)?


APES 325 (Risk management for firms) is a standard set by the Accounting Professional and Ethical Standards Board (APESB) that requires firms to establish and maintain a risk management framework to identify, assess and manage key organisational risks. Accounting firms should document their risk management framework and communicate their policies and procedures to their personnel.


What should be reflected in a risk management framework?

A firm’s risk management framework must include policies and procedures that identify, assess and manage key organisational risks. These include:

  • Governance Risks
  • Business continuity risks (including succession planning)
  • Business Risks
  • Financial Risks
  • Regulatory Risks
  • Technology Risks (including cyber security)
  • Human resources Risks
  • Stakeholder Risks

How can I prepare an APES 325 Risk Management Framework?


Various online resources from different accounting bodies discuss how to develop a risk management framework. Yet creating a framework remains an onerous task that takes time away from your billable work.

Some online tools offer an APES 325 template. But it’s important to remember this document will only be basic – not detailed or tailored for your accounting practice, or easily updated if circumstances within the practice change.



We can save you time and headaches by:

  • Providing expert independent advice to help you improve areas of your accounting public practice, before it is scrutinised in a quality assurance review
  • Preparing compliant APES 320 and APES 325 manuals
  • Significantly increase your chances of being a compliant practice - Ensuring your quality control system meets the mandatory standards
  • Eliminating the need for a full-time or part-time employee to oversee your practice’s quality control system





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