Revised Code of Ethics in the Phils - 2010

B for an engagement partner or an individual

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Unformatted text preview: ity review, who had served as a key audit partner for seven or more years (that is, the audits of 2005 – 2012 [2003 -2010 in IESBA Code]), would be required to rotate after serving for one more year as a key audit partner (that is, after completing the 2013 audit [2011 audit in the IESBA Code]). b. For an engagement partner or an individual responsible for the engagement quality control review who immediately prior to assuming either of these roles served in another key audit partner role for the client, and who, at the beginning of the first fiscal year beginning on or after December 15, 2012 (December 15, 2010 in the IESBA Code), had served as the engagement partner or individual responsible for the engagement quality review for six or fewer years in cases where the applicable maximum service is seven years (for four or fewer years in cases where the applicable maximum service is five years), the rotation provisions are effective for the audits or reviews of financial statements for years beginning on or after December 15, 2013 (December 15, 2011 in IESBA Code). For example, in the case of an audit client with a calendar year-end and the applicable maximum service period is seven years, a partner who has served the client in another key audit partner for four years (that is, the audits of 2004 – 2007 [2002 -2005 in IESBA Code]), and subsequently as the engagement partner for five years (that is, the audits of 2008 – 2012 [2006 – 2010 in IESBA Code]) would be required to rotate after serving for one more year as the engagement partner (that is, after completing the 2013 [2011 in IESBA Code] audit). 3. Non-assurance Services Paragraphs 290.156 - 290.219 address the provision of non-assurance services to an audit or review client. If at the effective date of the Code, services are being provided to any audit or review client and the services were permissible under the Philippine Code (2008 Revision) but are either prohibited or subject to restrictions under the revised Code, the firm may continue providing such services only if they were contracted for an commenced prior to January 1, 2013 (January 1, 2011 in IESBA Code) and are...
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