AT Quizzer (CPAR) - Code of Ethics - Page 1 of 28 CPA...

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Page 1 of 28 CPA REVIEW SCHOOL OF THE PHILIPPINES M a n i l a CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS IN THE PHILIPPINES PREFACE Which statement is incorrect regarding the Code of Ethics for Professional Accountants in the Philippines? Professional accountants refer to persons who are Certified Public Accountants (CPA) and who hold a valid certificate issued by the Board of Accountancy. Where a national statutory requirement is in conflict with a provision of the IFAC Code, the IFAC Code requirement prevails. The Code of Ethics for Professional Accountants in the Philippines is mandatory for all CPAs and is applicable to professional services performed in the Philippines on or after January 1, 2004 . Professional accountants should consider the ethical requirements as the basic principles which they should follow in performing their work. Which statement is correct regarding the Code of Ethics for Professional Accountants in the Philippines? Professional accountants refer to persons who are Certified Public Accountants (CPA) in public practice and who hold a valid certificate issued by the Board of Accountancy. It is practical to establish ethical requirements which apply to all situations and circumstances that professional accountants may encounter. Professional accountants should consider the ethical requirements as the ideal principles which they should follow in performing their work. All CPAs are expected to comply with the ethical requirements of the Code and other ethical requirements that may be adopted and approved by IFAC. Apparent failure to do so may result in an investigation into the CPA’s conduct. Modifications to the IFAC Code The following definitions from the IFAC Code were modified to consider Philippine regulatory requirements and circumstances, except Firm c. Professional accountants Professional accountants in public practice d. Lead engagement partner The following are modifications to the IFAC Code to consider Philippine regulatory requirements and circumstances, except The period for rotation of the lead engagement partner was changed from five to seven years. Advertising and solicitation by individual professional accountants in public practice were not permitted in the Philippines. Additional examples relating to anniversaries and websites wherein publicity is acceptable, as provided in BOA Resolution 19, Series of 2000, were included. Payment and receipt of commissions were not permitted in the Philippines. DEFINITIONS Assurance engagement include the following, except
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An engagement conducted to provide a high level of assurance that the subject matter conforms in all material respects with identified suitable criteria. An engagement conducted to provide a moderate level of assurance that the subject matter is plausible in the circumstances.
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