Revised Code of Ethics in the Phils - 2010

The paragraphs do not describe all of

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Unformatted text preview: t if it is satisfied: (a) The non-assurance service will be completed within a short period oftime; or (b) The client has arrangements in place to transition the service toanother provider within a short period of time. During the service period, safeguards shall be applied when necessary. Inaddition, the matter shall be discussed with those charged with governance. Other Considerations 291.33 There may be occasions when there is an inadvertent violation of thissection. If such an inadvertent violation occurs, it generally will be deemednot to compromise independence provided the firm has appropriate qualitycontrol policies and procedures in place equivalent to those required byISQCs to maintain independence and, once discovered, the violation iscorrected promptly and any necessary safeguards are applied to eliminateany threat or reduce it to an acceptable level. The firm shall determinewhether to discuss the matter with those charged with governance. Paragraphs 291.34 to 291.99 are intentionally left blank. Application of the Conceptual Framework Approach toIndependence 291.100 Paragraphs 291.104 to 291.159 describe specific circumstances andrelationships that create or may create threats to independence. Theparagraphs describe the potential threats and the types of safeguards thatmay be appropriate to eliminate the threats or reduce them to an acceptablelevel and identify certain situations where no safeguards could reduce thethreats to an acceptable level. The paragraphs do not describe all of thecircumstances and relationships that create or may create a threat toindependence. The firm and the members of the assurance team shallevaluate the implications of similar, but different, circumstances andrelationships and determine whether safeguards, including the safeguards inparagraphs 200.11 to 200.14 can be applied when necessary to eliminate thethreats to independence or reduce them to an acceptable level. 94 291.101 The paragraphs demonstrate how the conceptual framework approachapplies to assurance engagements and are to be read in conjunction withparagraph 291.28 which...
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This document was uploaded on 04/03/2014.

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