Revised Code of Ethics in the Phils - 2010

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Unformatted text preview: third parties of the offer – for example, a professional body or the employer of the individual who made the offer; a professional accountant in business may however, consider seeking legal advice before taking such a step; and 242 (c) Advising immediate or close family members of relevant threats and safeguards where they are potentially in positions that might result in offers of inducements, for example, as a result of their employment situation; and (d) Informing higher levels of management or those charged with governance of the employing organization where immediate or close family members are employed by competitors or potential suppliers of that organization. Making Offers 350.5 A professional accountant in business may be in a situation where the professional accountant in business is expected, or is under other pressure, to offer inducements to influence the judgment or decision-making process of an individual or organization, or obtain confidential information. 350.6 Such pressure may come from within the employing organization, for example, from a colleague or superior. It may also come from an external individual or organization suggesting actions or business decisions that would be advantageous to the employing organization, possibly influencing the professional accountant in business improperly. 350.7 A professional accountant in business shall not offer an inducement to improperly influence professional judgment of a third party. 350.8 Where the pressure to offer an unethical inducement comes from within the employing organization, the professional accountant shall follow the principles and guidance regarding ethical conflict resolution set out in Part A of this Code. 243 DEFINITIONS In this Code of Ethics for Professional Accountants, the following expressions have the following meanings assigned to them: Acceptable level A level at which a reasonable and informed third party would be likely to conclude, weighing all the specific facts and circums...
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