Revised Code of Ethics in the Phils - 2010

Insufficient experience training andor education 3303

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Unformatted text preview: thinthe employing organization, the audit committee or those charged withgovernance of the organization, or with a relevant professional body. 320.6 Where it is not possible to reduce the threat to an acceptable level, aprofessional accountant in business shall refuse to be or remain associatedwith information the professional accountant determines is misleading. Aprofessional accountant in business may have been unknowingly associatedwith misleading information. Upon becoming aware of this, the professionalaccountant in business shall take steps to be disassociated from thatinformation. In 118 determining whether there is a requirement to report, theprofessional accountant in business may consider obtaining legal advice. Inaddition, the professional accountant may consider whether to resign. SECTION 330 Acting with Sufficient Expertise 330.1 The fundamental principle of professional competence and due care requiresthat a professional accountant in business only undertake significant tasks forwhich the professional accountant in business has, or can obtain, sufficientspecific training or experience. A professional accountant in business shall notintentionally mislead an employer as to the level of expertise or experiencepossessed, nor shall a professional accountant in business fail to seekappropriate expert advice and assistance when required. 330.2 Circumstances that create a threat to a professional accountant in businessperforming duties with the appropriate degree of professional competenceand due care include having: • • Incomplete, restricted or otherwise inadequate information forperforming the duties properly. • Insufficient experience, training and/or education. • 330.3 Insufficient time for properly performing or completing the relevantduties. Inadequate resources for the proper performance of the duties. The significance of the threat will depend on factors such as the extent towhich the professional accountant in business is working with others,relative seniority in the business, and the level of supervision and reviewapplied to the work. The significance of the threat shall be evaluated andsafeguards applied when necessary to eliminate the threat or reduce it to anacceptable level. Examples of such safeguards include: • Obtaining additional advice or training. • Ensuring that there is adequate time available for performing therelevant duties. • Obtaining a...
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