Revised Code of Ethics in the Phils - 2010

290124 family and personal relationships

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Unformatted text preview: ent team. • Supervisory procedures. • Terminating the financial or business relationship giving rise to the threat. • Discussing the issue with higher levels of management within the firm. • Discussing the issue with those charged with governance of the client. If safeguards cannot eliminate or reduce the threat to an acceptable level, the professional accountant shall decline or terminate the relevant engagement. 160 SECTION 290 INDEPENDENCE―AUDIT AND REVIEW ENGAGEMENTS CONTENTS Paragraph Structure of Section .............................................................................................................. 290.1 A Conceptual Framework Approach to Independence ........................................................ 290.4 Networks and Network Firms .............................................................................................. 290.13 Public Interest Entities ......................................................................................................... 290.25 Related Entities .................................................................................................................... 290.27 Those Charged with Governance ......................................................................................... 290.28 Documentation ..................................................................................................................... 290.29 Engagement Period .............................................................................................................. 290.30 Mergers and Acquisitions .................................................................................................... 290.33 Other Considerations ........................................................................................................... 290.39 Application of the Conceptual Framework Approach to Independence .........................................................................................................
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