Revised Code of Ethics in the Phils - 2010

The drafted code of ethics for professional

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Unformatted text preview: drafted Code of Ethics for Professional Accountants in the Philippines, duly approved by the PICPA National Board (FY 2011-2012) as the starting point. Hereunder are the suggested changes of the Ethics Committee (FY 2012-2013), together with the reasons therefore. For easier and clearer understanding, we present first the draft provisions as proposed by the Ethics Committee (FY 2010-2011), which is immediately followed by the proposed revisions recommended by the Ethics Committee (FY 2012-2013). B. FUNDAMENTAL PRINCIPLES 1. Sec. 100.5 Professional Competence and Due Care The PICPA National Board previously approved the following added provisions to the 2010 IESBA Code, as recommended by the Ethics Committee (FY 2010-2011): “Sec. 100.5 Professional Competence and Due Care “A professional accountant has a continuing duty to maintain professional knowledge and skill at the level required to ensure that a client or employer receives competent professional service based on current developments in practice, legislation and techniques. A professional accountant should act diligently and in accordance with applicable and professional standards when providing professional services. “In addition, they should conform with the technical and professional standards of the following: BOA/PRC; SEC; BSP; IC; CDA; FRSC; AASC; and relevant legislation.” The Ethics Committee (FY 2012-2013) proposes the following provisions, with minor amendments so as to clarify the statements. “Sec. 100.5 Professional Competence and Due Care 1 “A professional accountant has a continuing duty to maintain professional knowledge and skill at the level required in order to ensure that a client or employer receives competent professional services based on current developments in practice, legislation and techniques, and that the professional accountant acts diligently and in accordance with applicable technical and professional standards. “In addition, they should conform with the technical and professional standards of the following: Board of Accountancy (BOA)/Professional Regulation Commission (PRC); Securities and Exchange Commission (SEC); Bangko Sentral ng Pilipinas (BSP); Insurance Commission (IC); Cooperative Development Authority (CDA); Philippine Financial Reporting Standards Council (PFRSC); Auditing and Accounting Standards Council (AASC); and relevant...
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This document was uploaded on 04/03/2014.

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