Revised Code of Ethics in the Phils - 2010

Revised Code of Ethics in the Phils - 2010 - SUBJECT CODE...

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SUBJECT: CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS IN THE PHILIPPINES A. LETTER FROM PRESIDENT JOSEFE SORRERA-TY August 17, 2012 Dear PICPA Members, Our PICPA theme for FY 2012-2013 Ethics. Excellence. demands that the Filipino Certified Public Accountants should adhere to high global ethical standards in order to better serve the public interest. Globalization has brought about several new ethical threats which should be addressed so that the public's trust on the CPAs is maintained. IFAC - the International Federation of Accountants - as a global body that sets professional standards for the accountancy profession and of which PICPA is a member has released the 2010 IFAC Code of Ethics. The 2010 IFAC Code of Ethics contains many examples of situations that may be faced by accountants and of possible safeguards that could mitigate the threats. The National Board of PICPA, through the Ethics Committee, initiated the process of consultation on the 2010 IFAC Code of Ethics. The Ethics Committee conducted a series of consultations on the 2010 IFAC Code of Ethics for two fiscal years (FY 2010-2011 and FY 2011-2012). The product of the consultations is the Draft Code of Ethics for Professional Accountants in the Philippines (based on the 2010 IFAC Code of Ethics). We are now in the final stage of the consultation process. The Ethics Committee intends to recommend the adoption of the Draft Code of Ethics for Professional Accountants in the Philippines (based on the 2010 IFAC Code of Ethics) with modifications to replace the current Code of Ethics for Professional Accountants in the Philippines (June 30, 2008 Effectivity). Towards this end, I enjoined all the members of PICPA to study the Draft Code of Ethics for Professional Accountants in the Philippines ( based on the 2010 IFAC Code of Ethics) and submit comments. Let us all continue to uphold ethics and pursue excellence. Sincerely, JOSEFE C. SORRERA-TY National President
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1 SUMMARY OF PROPOSED CHANGES TO THE CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS IN THE PHILIPPINES Considering that the PICPA National Board of Directors (FY 2011-2012) had approved the changes to the 2010 IESBA Code of Ethics, as recommended by the Ethics Committee (FY 2010-2011), and it in fact forwarded the same to the Board of Accountancy for its approval, the then Ethics Committee (FY 2011- 2012), now Ethics Committee (FY 2012-2013) thought it wise and practical to present the suggested further changes to the 2010 IESBA Code, using the drafted Code of Ethics for Professional Accountants in the Philippines, duly approved by the PICPA National Board (FY 2011-2012) as the starting point. Hereunder are the suggested changes of the Ethics Committee (FY 2012-2013), together with the reasons therefore. For easier and clearer understanding, we present first the draft provisions as proposed by the Ethics Committee (FY 2010-2011), which is immediately followed by the proposed revisions recommended by the Ethics Committee (FY 2012-2013).
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Revised Code of Ethics in the Phils - 2010 - SUBJECT CODE...

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