Revised Code of Ethics in the Phils - 2010

Financial statements a structured representation of

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Unformatted text preview: less of their title, which may varyfrom jurisdiction to jurisdiction. Engagement Partner The partner or other person in the firm who is responsible forthe engagement and its performance, and for the report that isissued on behalf of the firm, and who, where required, has theappropriate authority from a professional, legal or regulatorybody. Engagement quality control review A process designed to provide an objective evaluation, on orbefore the report is issued, of the significant judgments theengagement team made and the conclusions it reached informulating the report. Engagement team All partners and staff performing the engagement, and anyindividuals engaged by the firm or a network firm who performassurance procedures on the engagement. This excludesexternal experts engaged by the firm or a network firm. Existing accountant A professional accountant in public practice currently holdingan audit appointment or carrying out accounting, taxation,consulting or similar professional services for a client. External expert An individual (who is not a partner or a member of theprofessional staff, including temporary staff, of the firm or anetwork firm) or organization possessing skills, knowledge andexperience in a field other than accounting or auditing, whosework in that field is used to assist the professional accountant inobtaining sufficient appropriate evidence. Financial interest An interest in an equity or other security, debenture, loan or otherdebt instrument of an entity, including rights and obligations toacquire such an interest and derivatives directly related to suchinterest. Financial Statements A structured representation of historical financial information,including related notes, intended to communicate an entity’seconomic resources or obligations at a point in time or the changestherein for a period of time in accordance with a financial reportingframework. The related notes ordinarily comprise a summary 124 ofsignificant accounting policies and other explanatory information.The term can relate to a complete set of financial statements, but itcan also refer to a single financial statement, for example, a balancesheet, or a statement of revenues and expenses, and relatedexplanatory notes. Fi...
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This document was uploaded on 04/03/2014.

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