CPA Australia and the Institute of Chartered Accountants in Australia (ICAA)established the Accounting Professional and Ethical Standards Board (APESB)in 2006 as an independent body to produce the code of ethics and professional standards,and were joined by the Institute of Public Accountants in the following year.

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This statement is true. CPA Australia and ICAA established APESB in 2006, and the Institute of Public Accountants joined in the following year. APESB is responsible for developing and issuing accounting professional and ethical standards in Australia.