Revised Code of Ethics in the Phils - 2010

3007 compliance with the fundamental principles may

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: employingorganizations and third parties may rely on. They may also be responsiblefor providing effective financial management and competent advice on avariety of business-related matters. 300.3 A professional accountant in business may be a salaried employee, apartner, director (whether executive or non-executive), an owner manager, avolunteer or another working for one or more employing organization. Thelegal form of the relationship with the employing organization, if any, hasno bearing on the ethical responsibilities incumbent on the professionalaccountant in business. 300.4 A professional accountant in business has a responsibility to further thelegitimate aims of the accountant’s employing organization. This Code doesnot seek to hinder a professional accountant in business from properlyfulfilling that responsibility, but addresses circumstances in whichcompliance with the fundamental principles may be compromised. 300.5 A professional accountant in business may hold a senior position within anorganization. The more senior the position, the greater will be the abilityand opportunity to influence events, practices and attitudes. A professionalaccountant in business is expected, therefore, to encourage an ethics-basedculture in an employing organization that emphasizes the importance thatsenior management places on ethical behavior. 300.6 A professional accountant in business shall not knowingly engage in anybusiness, occupation, or activity that impairs or might impair integrity,objectivity or the good reputation of the profession and as a result would beincompatible with the fundamental principles. 300.7 Compliance with the fundamental principles may potentially be threatenedby a broad range of circumstances and relationships. Threats fall into one ormore of the following categories: (a) Self-interest; (b) Self-review; (c) Advocacy; 114 (d) Familiarity; and (e) Intimidation. These threats are discussed further in Part A of this Code. 300.8 Examples of circumstances that may create self-interest threats for aprofessional accountant in business include: • Holding a financial interest in, or receiving a loan or guarantee fromthe employing organization. • Participating in incentive c...
View Full Document

Ask a homework question - tutors are online