Revised Code of Ethics in the Phils - 2010

An explicitly stated duty to report breaches of

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Unformatted text preview: uards, which may be created by the accounting profession, legislation, regulation, or an employing organization, include: • • Effective, well-publicized complaint systems operated by the employing organization, the profession or a regulator, which enable colleagues, employers and members of the public to draw attention to unprofessional or unethical behavior. An explicitly stated duty to report breaches of ethical requirements. Ethical Conflict Resolution 100.17 A professional accountant may be required to resolve a conflict in complying with the fundamental principles. 100.18 When initiating either a formal or informal conflict resolution process, the following factors, either individually or together with other factors, may be relevant to the resolution process: (a) (b) (c) (d) (e) Relevant facts; Ethical issues involved; Fundamental principles related to the matter in question; Established internal procedures; and Alternative courses of action. Having considered the relevant factors, a professional accountant shall determine the appropriate course of action, weighing the consequences of each possible course of action. If the matter remains unresolved, the professional accountant may wish to consult with other appropriate persons within the firm or employing organization for help in obtaining resolution. 100.19 Where a matter involves a conflict with, or within, an organization, a professional accountant shall determine whether to consult with those charged with governance of the organization, such as the board of directors or the audit committee. 100.20 It may be in the best interests of the professional accountant to document the substance of the issue, the details of any discussions held, and the decisions made concerning that issue. 20 100.21 If a significant conflict cannot be resolved, a professional accountant may consider obtaining professional advice from the relevant professional body or from legal advisors. The professional accountant generally can obtain guidance on ethical issues without breaching the fundamental principle of confidentiality if the matter is discussed with the relevant profession...
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