Revised Code of Ethics in the Phils - 2010

2 sec 1303 professional competence and due care sec

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Unformatted text preview: legislation.” 2. Sec. 130.3 Professional Competence and Due Care “Sec. 130.3 of the 2010 IESBA Code contains the following provisions: “The maintenance of professional competence requires a continuing awareness and an understanding of relevant technical, professional and business developments. Continuing professional development enables a professional accountant to develop and maintain the capabilities to perform competently within the professional environment.” The PICPA National Board previously approved the following revised provisions recommended by the Ethics Committee (FY 2010-2011): “Sec. 130.3 Professional Competence and Due Care “The maintenance of professional competence requires initially a high standard of general education followed by specific education, training and examination in professionally relevant subjects, and whether prescribed or not, a period of work experience. This should be the normal pattern of development for professional accountant.” 2 The Ethics Committee (FY 2012-2013) proposes the following minor amendment to the above provisions. “Sec. 130.3 Professional Competence and Due Care “The maintenance of professional competence requires initially a high standard of general education followed by specific education, training and examination in professionally relevant subjects, and whether prescribed or not, a period of meaningful work experience. This should be the normal pattern of development for professional accountant.” 3. Sec. 240 Fees and Other Types of Remuneration The PICPA National Board previously approved the following provisions recommended by the Ethics Committee (FY 2010-2011): “Sec. 240 Fees and Other Types of Remuneration “Fees charged for assurance engagements should be a fair reflection of the value of the work involved and should take into account among others: (a) the skill and knowledge required for the type of work involved; (b) the level of training and experience of the persons necessarily engaged on the work; © the time necessarily occupied by each person engaged on the work; and (d) the degree of resp...
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This document was uploaded on 04/03/2014.

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