Revised Code of Ethics in the Phils - 2010

Section 150 professional behavior 1501 the principle

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Unformatted text preview: onal or business relationship. 140.7 The following are circumstances where professional accountants are or may be required to disclose confidential information or when such disclosure may be appropriate: (b) (b) Disclosure is required by law, for example: (i) Production of documents or other provision of evidence in the course of legal proceedings; or (ii) Disclosure to the appropriate public authorities of infringements of the law that come to light; and (c) 140.8 Disclosure is permitted by law and is authorized by the client or the employer; There is a professional duty or right to disclose, when not prohibited by law: (i) To comply with the quality review of a member body or professional body; (ii) To respond to an inquiry or investigation by a member body or regulatory body; (iii) To protect the professional interests of a professional accountant in legal proceedings; or (iv) To comply with technical standards and ethics requirements. In deciding whether to disclose confidential information, relevant factors to consider include: (a) Whether the interests of all parties, including third parties whose interests may be affected, could be harmed if the client or employer consents to the disclosure of information by the professional accountant; (b) Whether all the relevant information is known and substantiated, to the extent it is practicable; when the situation involves unsubstantiated facts, incomplete information or unsubstantiated conclusions, professional judgment shall be used in determining the type of disclosure to be made, if any; 145 (c) The type of communication that is expected and to whom it is addressed; and (d) Whether the parties to whom the communication is addressed are appropriate recipients. SECTION 150 Professional Behavior 150.1 The principle of professional behavior imposes an obligation on all professional accountants to comply with relevant laws and regulations and avoid any action that the professional accountant knows or should know may discredit the profession. This includes actions that a reasonable and...
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