GENERAL APPLICATION OF THE CODE
Code of Ethics of Professional Accountants
APPROVED - BOD of PICPA
RECOMMENDED FOR :
ADOPTION BY - Board of Accountancy
APPROVAL BY - Professional Regulation Commission (PRC)
PICPA as member of IFAC is committed to its broad objectives.
Obligated to support through informing procurements developed.
Code of Ethics for Professional Accountants based on the revised COEPA developed by IFAC (2006 revision)
PROFESSIONAL ACCOUNTANTS - are registered in the PRC as CPAs and who hold a valid certificate issued by the BOA, whether they be in public practice, commerce and industry, the government or education.
Revised code conforms with the:
newly issued PHIL. STANDARDS ON AUDITING (Phil. Framework for Assurance Engagements) by the AUDITING AND ASSURANCE STANDARDS COUNCIL
Definitions in the PHIL. STANDARDON QUALITY CONTROL (ISQC)
Quality control for firms that perform audits and review of historical Fin. Info.
Other assurance related service engagements.
Effective to all CPAs. Effectivity date: June 30, 2008
EXCEPTION: par. 290.14 - 290.16 effective only on December 31, 2009
EXPLANATORY FOREWORD - indicate addt’l pronouncement on ethics.
Failure of compliance will be subject for investigation of CPAs conduct.
Ethical requirements based on basic principles.
Modifications of the IFAC Code
FUNDAMENTAL PRINCIPLES, PAR. 100.4(c)
Professional Competence and due care
Modified list the sources of technical and professional standards
Board of Accountancy (BOA) / Professional Regulation Commission (PRC)
Securities and Exchange Commission (SEC)
Financial Reporting Standards Council (FRSC)
Auditing and Assurance Standards Council (AASC)
PROFESSIONAL COMPETENCE AND DUE CARE, PAR. 130.2
“The attainment of professional competence requires initially a high standard of general education followed by specific education, training and examination in professionally...