Revised Code of Ethics in the Phils - 2010

In such cases the professional accountant in public

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Unformatted text preview: the sale by a third party of goods or services to the client. A professional accountant in public practice may purchase all or part of another firm on the basis that payments will be made to individuals formerly owning the firm or to their heirs or estates. Such payments are not regarded as commissions or referral fees for the purpose of paragraphs 240.5−240.7 above. SECTION 250 Marketing Professional Services 250.1 When a professional accountant in public practice solicits new work through advertising or other forms of marketing, there may be a threat to compliance with the fundamental principles. For example, a self-interest threat to compliance with the principle of professional behavior is created if services, achievements, or products are marketed in a way that is inconsistent with that principle. 250.2 A professional accountant in public practice shall not bring the profession into disrepute when marketing professional services. The professional accountant in public practice shall be honest and truthful, and not: 158 (b) Make exaggerated claims for services offered, qualifications possessed, or experience gained; or (b) Make disparaging references or unsubstantiated comparisons to the work of another. If the professional accountant in public practice is in doubt about whether a proposed form of advertising or marketing is appropriate, the professional accountant in public practice shall consider consulting with the relevant professional body. SECTION 260 Gifts and Hospitality 260.1 A professional accountant in public practice, or an immediate or close family member, may be offered gifts and hospitality from a client. Such an offer may create threats to compliance with the fundamental principles. For example, a self-interest or familiarity threat to objectivity may be created if a gift from a client is accepted; an intimidation threat to objectivity may result from the possibility of such offers being made public. 260.2 The existence and significance of any threat will depend on the nature, value, and intent of the offer. Where gifts or hospitality are off...
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This document was uploaded on 04/03/2014.

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