Revised Code of Ethics in the Phils - 2010

156 to 290232 shall be compliedwith subject to

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Unformatted text preview: (ChiefExecutive or equivalent)). 290.510 An evaluation shall also be made of the significance of any threats that theengagement team has reason to believe are created by financial interests inthe audit client held by individuals, as described in paragraphs 290.108 to290.111 and paragraphs 290.113 to 290.115. 290.511 Where a threat to independence is not at an acceptable level, safeguardsshall be applied to eliminate the threat or reduce it to an acceptable level. 290.512 In applying the provisions set out in paragraphs 290.106 and 290.115 tointerests of the firm, if the firm has a material financial interest, whetherdirect or indirect, in the audit client, the selfinterest threat created would beso significant that no safeguards could reduce the threat to an acceptablelevel. Accordingly, the firm shall not have such a financial interest. Employment with an Audit Client 290.513 An evaluation shall be made of the significance of any threats from anyemployment relationships as described in paragraphs 290.134 to 290.138.Where a threat exists that is not at an acceptable level, safeguards shall beapplied to eliminate the threat or reduce it to an acceptable level. Examplesof safeguards that might be appropriate include those set out in paragraph290.136. Provision of Non-Assurance Services 290.514 If the firm conducts an engagement to issue a restricted use and distributionreport for an audit client and provides a non-assurance service to the auditclient, the provisions of paragraphs 290.156 to 290.232 shall be compliedwith, subject to paragraphs 290.504 to 290.507. 86 SECTION 291 INDEPENDENCE‚ÄēOTHER ASSURANCE ENGAGEMENTSCONTENTS Paragraph Structure of Section .............................................................................................................. 291.1 A Conceptual Framework Approach to Independence ........................................................ 291.4 Assurance Engagements .....................................................................
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This document was uploaded on 04/03/2014.

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