QCR Quality Control Reviewer Any professional performing the function of

Qcr quality control reviewer any professional

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QCR (Quality Control Reviewer). Any professional performing the function of engagement quality control review. EL (Ethics Leader). Person required to consult and respond on all matters related to ethics, including independence, conflict of interest, and privacy and confidentiality. HR (Human Resources). Personnel responsible (need not be a partner) for all human resource functions, including recordkeeping with respect to professional duties such as fees and continuing professional development.
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2. Relevant Ethical Requirements The firm recognizes the value and authority of the Ethics Leader (EL) in all ethical matters. The EL has responsibility for: Maintenance of the firm’s ethics policies; Identifying required policy changes as they relate to ethics (particular emphasis will be placed on this function following each monitor’s report – see section 6 of this manual); Providing guidance and consultation on ethics-related matters to partners and staff (for example, independence, conflict of interest); Maintenance of a client listing of all public interest entities (for independence purposes); Monitoring compliance with firm policy and procedures on all ethics matters; Reporting instances of non-compliance with firm policy to the MP; and Coordinating training with the HR for all ethics-related matters. 2.1 Independence The partners and all staff must be independent both of mind and in appearance of their assurance clients and engagements. Independence shall be maintained as set forth in and by: The Revised Code of Ethics for Professional Accountants in the Philippines, specifically Section 290 and Section 291; Philippine Standard on Quality Control (PSQC) 1 - Quality Control for Firms that Perform Audits and Reviews Of Financial Statements, and Other Assurance And Related Services Engagements; and Philippine Standard On Auditing (PSA) 220 - Quality Control for an Audit of Financial Statements If threats to independence cannot be eliminated or reduced to an acceptable level by applying appropriate safeguards, the firm shall eliminate the activity, interest, or relationship that is creating the threat, or refuse to accept or continue the engagement. Instances of non-compliance with the independence requirements shall be reported to the MP. 2.1.1 Responsibilities — The Firm The firm is responsible for the development, implementation, monitoring, and enforcement of policies and procedures designed to assist all partners and staff in understanding, identifying, documenting, and managing independence threats and for the resolution of independence issues. The EL is responsible for communicating all identified instances of non-compliance to the engagement partner and other relevant individuals. The EL must also ensure an appropriate
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resolution of independence threats that have not been adequately resolved or reduced to an acceptable level, and report instances of non-compliance to the MP.
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