Revised Code of Ethics in the Phils - 2010

A professional accountant in business is expected

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Unformatted text preview: . The application is the same as in example D1. 233 PART C—PROFESSIONAL ACCOUNTANTS IN BUSINESS Page Section 300 Introduction ....................................................................................................... 130 Section 310 Potential Conflicts .............................................................................................133 Section 320 Preparation and Reporting of Information ........................................................ 135 Section 330 Acting with Sufficient Expertise .......................................................................137 Section 340 Financial Interests ............................................................................................. 138 Section 350 Inducements ...................................................................................................... 140 234 SECTION 300 Introduction 300.1 This Part of the Code describes how the conceptual framework contained in Part A applies in certain situations to professional accountants in business. This Part does not describe all of the circumstances and relationships that could be encountered by a professional accountant in business that create or may create threats to compliance with the fundamental principles. Therefore, the professional accountant in business is encouraged to be alert for such circumstances and relationships. 300.2 Investors, creditors, employers and other sectors of the business community, as well as governments and the public at large, all may rely on the work of professional accountants in business. Professional accountants in business may be solely or jointly responsible for the preparation and reporting of financial and other information, which both their employing organizations and third parties may rely on. They may also be responsible for providing effective financial management and competent advice on a variety of business-related matters. 300.3 A professional accountant in business may be a salaried employee, a partner, director (whether executive or non-executive), an ow...
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This document was uploaded on 04/03/2014.

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