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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