Revised Code of Ethics in the Phils - 2010

If the professional accountant in business determines

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Unformatted text preview: hem or reduce them to an acceptable level. Such safeguards include consultation with superiors within the employing organization, the audit committee or those charged with governance of the organization, or with a relevant professional body. 320.6 Where it is not possible to reduce the threat to an acceptable level, a professional accountant in business shall refuse to be or remain associated with information the professional accountant determines is misleading. A professional accountant in business may have been unknowingly associated with misleading information. Upon becoming aware of this, the professional accountant in business shall take steps to be disassociated from that information. In determining whether there is a requirement to report, the professional accountant in business may consider obtaining legal advice. In addition, the professional accountant may consider whether to resign. 239 SECTION 330 Acting with Sufficient Expertise 330.1 The fundamental principle of professional competence and due care requires that a professional accountant in business only undertake significant tasks for which the professional accountant in business has, or can obtain, sufficient specific training or experience. A professional accountant in business shall not intentionally mislead an employer as to the level of expertise or experience possessed, nor shall a professional accountant in business fail to seek appropriate expert advice and assistance when required. 330.2 Circumstances that create a threat to a professional accountant in business performing duties with the appropriate degree of professional competence and due care include having: • • Incomplete, restricted or otherwise inadequate information for performing the duties properly. • Insufficient experience, training and/or education. • 330.3 Insufficient time for properly performing or completing the relevant duties. Inadequate resources for the proper performance of the duties. The significance of the threat will depend on factors such as the exte...
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This document was uploaded on 04/03/2014.

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