Revised Code of Ethics in the Phils - 2010

Safeguards are necessary when the professional

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Unformatted text preview: 9 Section 110 Integrity ................................................................................................................. 15 Section 120 Objectivity ............................................................................................................. 16 Section 130 Professional Competence and Due Care ............................................................... 17 Section 140 Confidentiality ....................................................................................................... 18 Section 150 Professional Behavior ........................................................................................... 20 138 SECTION 100 Introduction and Fundamental Principles 100.1 A distinguishing mark of the accountancy profession is its acceptance of the responsibility to act in the public interest. Therefore, a professional accountant’s responsibility is not exclusively to satisfy the needs of an individual client or employer. In acting in the public interest, a professional accountant shall observe and comply with this Code. If a professional accountant is prohibited from complying with certain parts of this Code by law or regulation, the professional accountant shall comply with all other parts of this Code. 100.2 This Code contains three parts. Part A establishes the fundamental principles of professional ethics for professional accountants and provides a conceptual framework that professional accountants shall apply to: (a) Identify threats to compliance with the fundamental principles; (b) Evaluate the significance of the threats identified; and (c) Apply safeguards, when necessary, to eliminate the threats or reduce them to an acceptable level. Safeguards are necessary when the professional accountant determines that the threats are not at a level at which a reasonable and informed third party would be likely to conclude, weighing all the specific facts and circumstances available to the professional accountant at that time, that compliance with the...
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This document was uploaded on 04/03/2014.

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