Revised Code of Ethics in the Phils - 2010

Direct financial interest a financial interest a owned

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Unformatted text preview: ncial statements are prepared, in all material respects (or give atrue and fair view or are presented fairly, in all material respects,),in accordance with an applicable financial reporting framework,such as an engagement conducted in accordance with InternationalStandards on Auditing. This includes a Statutory Audit, which is anaudit required by legislation or other regulation. Audit team (a) All members of the engagement team for the auditengagement; (b) All others within a firm who can directly influence theoutcome of the audit engagement, including: (i) Those who recommend the compensation of, or whoprovide direct supervisory, management or otheroversight of the engagement partner in connectionwith the performance of the audit engagementincluding those at all successively senior levelsabove the engagement partner through to theindividual who is the firm’s Senior or ManagingPartner (Chief Executive 123 or equivalent); (ii) Those who provide consultation regardingtechnical or industry-specific issues, transactionsor events for the engagement; and (iii) Those who provide quality control for theengagement, including those who perform theengagement quality control review for theengagement; and (c) All those within a network firm who can directlyinfluence the outcome of the audit engagement. Close family A parent, child or sibling who is not an immediate familymember. Contingent fee A fee calculated on a predetermined basis relating to theoutcome of a transaction or the result of the services performedby the firm. A fee that is established by a court or other publicauthority is not a contingent fee. Direct financial Interest A financial interest: (a) Owned directly by and under the control of an individualor entity (including those managed on a discretionarybasis by others); or (b) Beneficially owned through a collective investmentvehicle, estate, trust or other intermediary over which theindividual or entity has control, or the ability to influenceinvestment decisions. Director or officer Those charged with the governance of an entity, or acting in anequivalent capacity, regard...
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