Revised Code of Ethics in the Phils - 2010

156 firms have traditionally provided to their audit

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Unformatted text preview: has less than two years remaining or has exceeded the maximum service period allowed when the client becomes a public interest entity, the partner may continue to serve in that capacity for a maximum of two additional years before rotating off the engagement. 290.155 When a firm has only a few people with the necessary knowledge andexperience to serve as a key audit partner on the audit of a public interestentity, rotation of key audit partners may not be an available safeguard. [Ifan independent regulator in the relevant jurisdiction has provided anexemption from partner rotation in such circumstances, an individual mayremain a key audit partner for more than seven years, in accordance withsuch regulation, provided that the independent regulator has specifiedalternative safeguards which are applied, such as a regular independentexternal review.]If an independent regulator in the relevant jurisdiction has provided an exemption from partner rotation in such circumstances, an individual may remain a key audit partner for more than the maximum allowed number of years, in accordance with such regulation, provided the independent regulator has specified alternative safeguards which are applied, such as a regular independent external review. Provision of Non-assurance Services to Audit Clients 290.156 Firms have traditionally provided to their audit clients a range of non-assuranceservices that are consistent with their skills and expertise.Providing non-assurance services may, however, 63 create threats to theindependence of the firm or members of the audit team. The threats createdare most often self-review, self-interest and advocacy threats. 290.157 New developments in business, the evolution of financial markets andchanges in information technology make it impossible to draw up an all-inclusivelist of non-assurance services that might be provided to an auditclient. When specific guidance on a particular non-assurance service is notincluded in this section, the conceptual framework shall be applied whenevalua...
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This document was uploaded on 04/03/2014.

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