Revised Code of Ethics in the Phils - 2010

Indeed said provisions were not present in the iesba

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Unformatted text preview: d independence because the provisions were thought to be superfluous and unnecessary. Indeed, said provisions were not present in the IESBA Code. 5. Sec. 290.12 A Conceptual Approach to Independence This paragraph was modified simply to make reference to the Philippine Standards on Quality Control (PSQCs) and to the Philippine Standards on Auditing (PSAs), instead of International Standards on Quality Control and International Standards on Auditing, respectively. 6. Sec. 290.13 Network and Network Firms The PICPA National Board previously approved the following provisions recommended by the Ethics Committee (FY 2010-2011): “Sec. 290.13 Network and Network Firms “An entity that belongs to a network might be a firm, which is defined in this Code as a sole proprietorship or partnership of professional accountants and an entity that controls or is controlled by such parties, or the entity might be another type of entity, such as a consulting practice or a professional law practice. The independence requirements in this section that apply to a network firm apply to any entity that meets the definition of a network firm, irrespective of whether the entity itself meets the definition of a firm.” 4 The Ethics Committee (FY 2012-2013) proposes to adopt en toto the provisions in the 2010 IESBA Code as follows: “Sec. 290.13 Network and Network Firms “If a firm is deemed to be a network firm, the firm shall be independent of the audit clients of the other firms within the network (unless otherwise stated in this Code). The independence requirements in this section that apply to a network firm apply to any entity, such as a consulting practice or professional law practice that meets the definition of a network firm, irrespective of whether the entity itself meets the definition of a firm.” 7. Sec. 290.25 Public Interest Entities Sec. 290.25 of the IESBA Code contains the following provisions: “Section 290 contains additional provisions that reflect the extent of public interest in certain entities. For the purpose of this section, public interest entities are: (a) All listed entities; and (b) Any entity (i) defined by regulation or legislation as public interest entity; or (ii) for which the audit...
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This document was uploaded on 04/03/2014.

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