Revised Code of Ethics in the Phils - 2010

Assurance client the responsible party that is the

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Unformatted text preview: t organization. Making Offers 350.5 A professional accountant in business may be in a situation where theprofessional accountant in business is expected, or is under other pressure,to offer inducements to influence the judgment or decision-making processof an individual or organization, or obtain confidential information. 350.6 Such pressure may come from within the employing organization, forexample, from a colleague or superior. It may also come from an externalindividual or organization suggesting actions or business decisions thatwould be advantageous to the employing organization, possibly influencingthe professional accountant in business improperly. 350.7 A professional accountant in business shall not offer an inducement toimproperly influence professional judgment of a third party. 350.8 Where the pressure to offer an unethical inducement comes from within theemploying organization, the professional accountant shall follow theprinciples and guidance regarding ethical conflict resolution set out in PartA of this Code. DEFINITIONS In this Code of Ethics for Professional Accountants, the following expressions havethe following meanings assigned to them: Acceptable level A level at which a reasonable and informed third party would belikely to conclude, weighing all the specific facts andcircumstances available to the professional accountant at thattime, that compliance with the fundamental principles is notcompromised. Advertising The communication to the public of information as to theservices or skills provided by professional accountants in publicpractice with a view to procuring professional business.Assurance client The responsible party that is the person (or persons) who: (a) In a direct reporting engagement, is responsible for thesubject matter; or (b) In an assertion-based engagement, is responsible for thesubject matter information and may be responsible forthe subject matter. Assurance engagement An engagement in which a professional accountant in publicpractice expresses a conclusion designed to enhance the degreeof confidence of the intended users o...
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This document was uploaded on 04/03/2014.

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