Revised Code of Ethics in the Phils - 2010

13 sec 29113 assurance engagements the picpa national

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: ovided that the firm’s or network firm’s personnel do not act or appear to act in a capacity equivalent to a member of audit client management.” The Ethics Committee (FY 2012-2013) proposes to adopt en toto the provisions in the IESBA Code shown above. 13. Sec. 291.13 Assurance Engagements The PICPA National Board previously approved the following provisions recommended by the Ethics Committee (FY 2010-2011): “Sec. 291.13 Assurance Engagements “The outcome of the evaluation or measurement of a subject matter is the information that results from applying the criteria to the subject matter. The term “subject matter information” is used to mean the outcome of the evaluation or measurement of subject matter. For example: The recognition, measurement, presentation and disclosure represented in the financial statements (subject matter information) result from applying a financial reporting framework for recognition, measurement, presentation and disclosure, such as PFRS (criteria) to an entity’s financial position, financial performance, and cash flows (subject matter).” 11 DEFINITIONS 1. Assurance Engagement An engagement in which a professional accountant in public practice expresses a conclusion designed to enhance the degree of confidence of the intended users other than the responsible party about the outcome of the evaluation or measurement of a subject matter against criteria. (For guidance on assurance engagements, see the Philippine Framework for Assurance Engagements issued by AASC which describes the elements and objectives of an assurance engagement and identifies engagements to which Philippine Standards on Auditing (PSA), Philippine Standards on Review Engagements (PSRE), and Philippine Standards on Assurance Engagements (PSAE) apply. The guidance paragraph was modified to make reference to the Philippine Framework for Assurance Engagements, Philippine Standards on Auditing, Philippine Standards on Review Engagements and Philippine Standards on Assurance Engagements issued by the Auditing and Assurance Standards Cou...
View Full Document

This document was uploaded on 04/03/2014.

Ask a homework question - tutors are online