2_Code_of_Ethics_2008-Complete_final

2_Code_of_Ethics_2008-Complete_final - CODE OF ETHICS FOR...

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CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS IN THE PHILIPPINES CONTENTS PREFACE PART A: GENERAL APPLICATION OF THE CODE 100 Introduction and Fundamental Principles 110 Integrity 120 Objectivity 130 Professional Competence and Due Care 140 Confidentiality 150 Professional Behavior PART B: PROFESSIONAL ACCOUNTANTS IN PUBLIC PRACTICE 200 Introduction 210 Professional Appointment 220 Conflicts of Interest 230 Second Opinions 240 Fees and Other Types of Remuneration 250 Marketing Professional Services 260 Gifts and Hospitality 270 Custody of Client Assets 280 Objectivity–All Services 290 Independence– Assurance Engagements PART C: PROFESSIONAL ACCOUNTANTS IN BUSINESS 300 Introduction 310 Potential Conflicts 320 Preparation and Reporting of Information 330 Acting with Sufficient Expertise 340 Financial Interests 350 Inducements DEFINITIONS EFFECTIVE DATE
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2 Code of Ethics for Professional Accountants in the Philippines PREFACE TO THE CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS IN THE PHILIPPINES This preface and the accompanying Code of Ethics for Professional Accountants in the Philippines have been approved by the Board of Directors of the duly accredited professional organization, the Philippine Institute of Certified Public Accountants (PICPA) recommended for adoption by the Board of Accountancy (BOA) and approval of the Professional Regulation Commission (PRC) as part of the rules and regulations of the BOA for the practice of the accountancy profession. 1. PICPA as a member of the International Federation of Accountants (IFAC) is committed to the IFAC’s broad objective of developing and enhancing a coordinated worldwide accountancy profession with harmonized standards. In working toward this objective, IFAC develops guidance on ethics for professional accountants. 2. As a condition of its membership, PICPA is obliged to support the work of IFAC by informing its members of every pronouncement developed by IFAC, and to work towards implementation, when and to the extent possible, under local circumstances, of all these pronouncements. 3. The accompanying Code of Ethics for Professional Accountants in the Philippines is based on the revised Code of Ethics for Professional Accountants developed by IFAC (2006 revision). Professional accountants refer to persons who are registered in the PRC as Certified Public Accountants (CPAs) and who hold a valid certificate issued by the BOA, whether they be in public practice (including partnership or sole proprietorship), commerce and industry, the government or education. In the few instances where the domestic laws are in conflict with the IFAC Code, the local law shall prevail (e.g. the prohibition on the practice of accountancy through corporate form). 4. The revised Code also conforms to the newly issued Philippine Standards on Auditing, notably the Philippine Framework for Assurance Engagements, issued by the Auditing and Assurance Standards Council, and definitions contained in the Philippine Standard on Quality Control
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