Revised Code of Ethics in the Phils - 2010

D ifac 2010 code of ethics for professional

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Unformatted text preview: IESBA Code) and are completed before July 1, 2013 (July 1, 2011 in IESBA Code). 9. Fees – Relative Size 129 Paragraph 290.222 provides that, in respect of an audit or review client that is a public interest entity, when the total fees from that client and its related entities (subject to the considerations in paragraph 290.27) for two consecutive years represent more than 15% of the total fees of the firm expressing the opinion on the financial statements, a pre- or post-issuance review (as described in paragraph 290.222) of the second year’s audit shall be performed. This requirement is effective for audits or reviews of financial statements covering years that begin on or after December 15, 2012 (December 15, 2010 in IESBA Code). For example, in the case of an audit client with calendar year end, if the total fees from the client exceeded the 15% threshold for 2013 (2011 in IESBA code) and 2014 (2012 in IESBA Code), the pre- or post-issuance review would be applied with respect to the audit of the 2014 (2012 in IESBA Code) financial statements. 10. Compensation and Evaluation Policies Paragraph 290.229 provides that a key audit partner shall not be evaluated or compensated based on that partner’s success in selling non-assurance services to the partner’s audit client. This requirement is effective on January 1, 2014 (January 1, 2012 in IESBA Code). A key audit partner may, however, receive compensation after January 1, 2014 (January 1, 2012 in IESBA Code) based on evaluation made prior to January 1, 2014 (January 1, 2012 in IESBA Code) of that partner’s success in selling non-assurance services to the audit client. D. IFAC 2010 CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS International Federation of Accountants 545 Fifth Avenue, 14th Floor New York, New York 10017 USA This publication was prepared by the International Federation of Accountants (IFAC). Its mission is to serve the public interest, strengthen the worldwide accountancy profession and contribute to the development of strong internationa...
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This document was uploaded on 04/03/2014.

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