Revised Code of Ethics in the Phils - 2010

116 section 310 potential conflicts 3101 a

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Unformatted text preview: nare detailed in paragraph 100.14 of Part A of this Code. 300.14 Safeguards in the work environment include: • • The employing organization’s ethics and conduct programs. • Recruitment procedures in the employing organization emphasizingthe importance of employing high caliber competent staff. • Strong internal controls. • Appropriate disciplinary processes. • Leadership that stresses the importance of ethical behavior and theexpectation that employees will act in an ethical manner. • Policies and procedures to implement and monitor the quality ofemployee performance. • Timely communication of the employing organization’s policies andprocedures, including any changes to them, to all employees andappropriate training and education on such policies and procedures. • Policies and procedures to empower and encourage employees tocommunicate to senior levels within the employing organization anyethical issues that concern them without fear of retribution. • 300.15 The employing organization’s systems of corporate oversight orother oversight structures. Consultation with another appropriate professional accountant. In circumstances where a professional accountant in business believes thatunethical behavior or actions by others will continue to occur within theemploying organization, the professional accountant in business mayconsider obtaining legal advice. In those extreme situations where allavailable safeguards have been exhausted and it is not possible to reduce thethreat to an acceptable level, a professional accountant in business mayconclude that it is appropriate to resign from the employing organization. 116 SECTION 310 Potential Conflicts 310.1 A professional accountant in business shall comply with the fundamentalprinciples. There may be times, however, when a professional accountant’sresponsibilities to an employing organization and professional obligationsto comply with the fundamental principles are in conflict. A professionalaccountant in business is expected to support the legitimate a...
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