Revised Code of Ethics in the Phils - 2010

If the assurance client is also an audit or review

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Unformatted text preview: lients .......................................... 291.139 Provision of Non-assurance Services to Assurance Clients ................................................ 291.140 Management Responsibilities .............................................................................................. 291.143 Other Considerations ........................................................................................................... 291.148 Fees ...................................................................................................................................... 291.151 Fees―Relative Size ............................................................................................................. 291.151 Fees―Overdue .................................................................................................................... 291.153 Contingent Fees ................................................................................................................... 291.154 Gifts and Hospitality ............................................................................................................ 291.158 Actual or Threatened Litigation ........................................................................................... 291.159 87 Structure of Section 291.1 This section addresses independence requirements for assuranceengagements that are not audit or review engagements. Independencerequirements for audit and review engagements are addressed in Section 290. If the assurance client is also an audit or review client, therequirements in Section 290 also apply to the firm, network firms andmembers of the audit or review team. In certain circumstances involvingassurance engagements where the assurance report includes a restriction onuse and distribution and provided certain conditions are met, theindependence requirements in this section may be modified as provided inparagraphs 291.21 to 291.27. 291.2 Assurance engagements are designed to enhance intended users’ degree ofconfidence about the outcome of the evaluatio...
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