Revised Code of Ethics in the Phils - 2010

Therefore the professional accountant in business is

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Unformatted text preview: lationship with Company 6 that accounts for approximately 37.5% of the reserves.Having determined those companies to which the independence requirements apply,the assurance team and the firm shall be independent of those responsible parties thatwould be considered to be the assurance client (paragraph 291.28). D2 The firm directly measures the reserves of some of the companies. 112 The application is the same as in example D1. PART C—PROFESSIONAL ACCOUNTANTS IN BUSINESS Page Section 300 Introduction ....................................................................................................... 130 Section 310 Potential Conflicts .............................................................................................133 Section 320 Preparation and Reporting of Information ........................................................ 135 Section 330 Acting with Sufficient Expertise .......................................................................137 Section 340 Financial Interests ............................................................................................. 138 Section 350 Inducements ...................................................................................................... 140 113 SECTION 300 Introduction 300.1 This Part of the Code describes how the conceptual framework contained inPart A applies in certain situations to professional accountants in business.This Part does not describe all of the circumstances and relationships thatcould be encountered by a professional accountant in business that create ormay create threats to compliance with the fundamental principles.Therefore, the professional accountant in business is encouraged to be alertfor such circumstances and relationships. 300.2 Investors, creditors, employers and other sectors of the businesscommunity, as well as governments and the public at large, all may rely onthe work of professional accountants in business. Professional accountantsin business may be solely or jointly responsible for the preparation andreporting of financial and other information, which both their...
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