Revised Code of Ethics in the Phils - 2010

Review team a all members of the engagement team for

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Unformatted text preview: ies. Such regulationmay be promulgated by any relevant regulator,including an audit regulator. Related entity An entity that has any of the following relationships with theclient: (a) An entity that has direct or indirect control over the clientif the client is material to such entity; (b) An entity with a direct financial interest in the client ifthat entity has significant influence over the client andthe interest in the client is material to such entity; (c) An entity over which the client has direct or indirectcontrol; (d) An entity in which the client, or an entity related to theclient under (c) above, has a direct financial interest thatgives it significant influence over such entity and the interestis material to the client and its related entity in (c); and (e) An entity which is under common control with the client (a“sister entity”) if the sister entity and the client are bothmaterial to the entity that controls both the client and sisterentity. 126 Review client An entity in respect of which a firm conducts a review engagement. Review Engagement An assurance engagement, conducted in accordance withInternational Standards on Review Engagements or equivalent, inwhich a professional accountant in public practice expresses aconclusion on whether, on the basis of the procedures which do notprovide all the evidence that would be required in an audit,anything has come to the accountant’s attention that causes theaccountant to believe that the financial statements are not prepared,in all material respects, in accordance with an applicable financialreporting framework. Review team (a) All members of the engagement team for the reviewengagement; and (b) All others within a firm who can directly influence theoutcome of the review engagement, including: (i) Those who recommend the compensation of, or whoprovide direct supervisory, management or otheroversight of the engagement partner in connectionwith the performance of the review engagementincluding those at all successively...
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