Revised Code of Ethics in the Phils - 2010

20014 depending on the nature of the engagement a

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Unformatted text preview: ies and procedures to encourage and empower staff to communicate to senior levels within the firm any issue relating to compliance with the fundamental principles that concerns them. 200.13 Examples of engagement-specific safeguards in the work environment include: • Having a professional accountant who was not involved with the non-assurance service review the non-assurance work performed or otherwise advise as necessary. • Having a professional accountant who was not a member of the assurance team review the assurance work performed or otherwise advise as necessary. • Consulting an independent third party, such as a committee of independent directors, a professional regulatory body or another professional accountant. • Discussing ethical issues with those charged with governance of the client. • Disclosing to those charged with governance of the client the nature of services provided and extent of fees charged. 29 • Involving another firm to perform or re-perform part of the engagement. • Rotating senior assurance team personnel. 200.14 Depending on the nature of the engagement, a professional accountant in public practice may also be able to rely on safeguards that the client has implemented. However it is not possible to rely solely on such safeguards to reduce threats to an acceptable level. 200.15 Examples of safeguards within the client’s systems and procedures include: • The client requires persons other than management to ratify or approve the appointment of a firm to perform an engagement. • The client has competent employees with experience and seniority to make managerial decisions. • The client has implemented internal procedures that ensure objective choices in commissioning non-assurance engagements. • The client has a corporate governance structure that provides appropriate oversight and communications regarding the firm’s services. SECTION 210 Professional Appointment Client Acceptance 210.1 Before accepting a new client re...
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