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CHAPTER 6

COE - CODE OF ETHICS


PART A—GENERAL APPLICATION OF THE CODE
PART B—PROFESSIONAL ACCOUNTANTS IN PUBLIC PRACTICE
PART C—APPLICABLE TO EMPLOYED PROFESSIONAL ACCOUNTANTS
True or False:

1. F

COE
PREFACE TO THE CODE OF ETHICS FOR
PROFESSIONAL ACCOUNTANTS IN THE PHILIPPINES
4. This Code of Ethics is mandatory for all CPAs and is applicable to professional services performed in
the Philippines on or after January 1, 2004.
6. All CPAs are expected to comply with the ethical requirements of this Code and other ethical
requirements that may be adopted and approved by IFAC. Apparent failure to do so may result in an
investigation into the CPA’s conduct.

2. T

AICPA Code of Professional Conduct


Part 2 — Members in Business
1.700 Confidential Information
1.700.001 Confidential Client Information Rule
.01 A member in public practice shall not disclose any confidential client information without the specific
consent of the client.
.02 This rule shall not be construed
(1) to relieve a member of his or her professional obligations of the “Compliance With Standards Rule”
[1.310.001] or the “Accounting Principles Rule” [1.320.001],
(2) to affect in any way the member’s obligation to comply with a validly issued and enforceable
subpoena or summons, or to prohibit a member’s compliance with applicable laws and government
regulations,

1.700.100 Disclosing Confidential Client Information as a Result of a Subpoena or Summons


.01 The member’s disclosure of confidential client information in compliance with a validly issued and
enforceable subpoena or summons would not violate the “Confidential Client Information Rule”
[1.700.001]. .02 When complying with such subpoena or summons, the member is not required to notify
the client that its records have been subpoenaed or that a summons related to the client’s records has been
issued. The member may also wish to consult with legal counsel to determine the validity and
enforceability of the subpoena or summons and the specific client information required to be provided.
The member may also wish to consult with his or her state board of accountancy. [No prior reference:
New content from informal policy position]

2.400.070 Confidential Information Obtained From Employment or Volunteer Activities


.06 The following are examples of situations in which members are permitted or may be required to
disclose confidential employer information or when such disclosure may be appropriate: a. Disclosure is
permitted by law and authorized by the employer. b. Disclosure is required by law, for example, to i.
comply with a validly issued and enforceable subpoena or summons or ii. inform the appropriate public
authorities of violations of law that have been discovered.
3. F

Statement on Standards for Tax Services No. 6, Knowledge of Error: Return Preparation and
Administrative Proceedings
Statement 4.
A member should inform the taxpayer promptly upon becoming aware of an error in a previously filed
return, an error in a return that is the subject of an administrative proceeding, or a taxpayer’s failure to file
a required return. A member also should advise the taxpayer of the potential consequences of the error
and recommend the corrective measures to be taken. Such advice and recommendation may be given
orally. The member is not allowed to inform the taxing authority without the taxpayer’s permission,
except when required by law.
Explanation 7.
While performing services for a taxpayer, a member may become aware of an error in a previously filed
return or may become aware that the taxpayer failed to file a required return. The member should advise
the taxpayer of the error and the potential consequences, and recommend the measures to be taken.
Similarly, when representing the taxpayer before a taxing authority in an administrative proceeding with
respect to a return containing an error of which the member is aware, the member should advise the
taxpayer to disclose the error to the taxing authority and of the potential consequences of not disclosing
the error. Such advice and recommendation may be given orally.

4. F

IESBA Code of Ethics


Sec 140 par.1-8
Confidentiality
Disclosing outside the firm or employing organization confidential information acquired as a result of
professional and business relationships without proper and specific authority or unless there is a legal or
professional right or duty to disclose.

AICPA Code of Professional Conduct


1.400.070 Confidential Information Obtained From Employment or Volunteer Activities
.01 A member should maintain the confidentiality of his or her employer’s or firm’s (employer)
confidential
information and should not use or disclose any confidential employer information obtained as a result of
an employment relationship, such as discussions with the employer’s vendors, customers, or lenders (for
example, any confidential information pertaining to a current or previous employer, subsidiary, affiliate,
or parent thereof, as well as any entities for which the member is working in a volunteer capacity).

The Kovel Rule is an extension of the legal principles of lawyer-client privilege and confidentiality. In
addition to lawyers, it also extends to other professional experts who might be involved in a case, such as
an accountant who is consulted by the client or indirectly through the client's attorney.

(The rule takes its name from Louis Kovel, an IRS agent who later joined a law firm that specialized in
tax cases. He lent his expertise in tax accounting to case preparation and client representation. In 1961,
Kovel was sentenced to prison for refusing to answer questions in court about discussions he had with a
client. He believed that those conversations were protected by the principle of lawyer-client privilege—
and an appeals court agreed with him. His conviction was overturned.)
5. T

SECTION 130
Professional Competence and Due Care
130.4 Diligence encompasses the responsibility to act in accordance with the requirements of an
assignment, carefully, thoroughly and on a timely basis.

6. F

COE
PART B—PROFESSIONAL ACCOUNTANTS IN PUBLIC
PRACTICE
SECTION 240
Fees and Other Types of Remuneration
240.1 When entering into negotiations regarding professional services, a professional accountant in public
practice may quote whatever fee is deemed appropriate. The fact that one professional accountant in
public practice may quote a fee lower than another is not in itself unethical. Nevertheless, there may be
threats to compliance with the fundamental principles arising from the level of fees quoted. For example,
a self-interest threat to professional competence and due care is created if the fee quoted is so low that it
may be difficult to perform the engagement in accordance with applicable technical and professional
standards for that price.
240.2 The existence and significance of any threats created will depend on factors such as the level of fee
quoted and the services to which it applies. The significance of any threat shall be evaluated and
safeguards applied when necessary to eliminate the threat or reduce it to an acceptable level. Examples of
such safeguards include: • Making the client aware of the terms of the engagement and, in particular, the
basis on which fees are charged and which services are covered by the quoted fee. • Assigning
appropriate time and qualified staff to the task.

7. F

PART A
SECTION 1001
Introduction and Fundamental Principles
Threats and Safeguards
100.12 (d) Familiarity threat ─ the threat that due to a long or close relationship with a client or employer,
a professional accountant will be too sympathetic to their interests or too accepting of their work;
Section 290 Independence―Audit and Review Engagements
290.131 Threats to independence are created when a member of the audit team has a close relationship
with a person who is not an immediate or close family member, but who is a director or officer or an
employee in a position to exert significant influence over the preparation of the client’s accounting
records or the financial statements on which the firm will express an opinion. A member of the audit team
who has such a relationship shall consult in accordance with firm policies and procedures. The
significance of the threats will depend on factors such as:
• The nature of the relationship between the individual and the member of the audit team;
• The position the individual holds with the client; and
• The role of the professional on the audit team.

8. T
PART B
SECTION 210
Professional Appointment
Client Acceptance
210.4 Where it is not possible to reduce the threats to an acceptable level, the professional accountant in
public practice shall decline to enter into the client relationship.

9. F

PART B
SECTION 210
Professional Appointment
Changes in a Professional Appointment
210.14 A professional accountant in public practice will generally need to obtain the client’s permission,
preferably in writing, to initiate discussion with an existing accountant. Once that permission is obtained,
the existing accountant shall comply with relevant legal and other regulations governing such requests.
Where the existing accountant provides information, it shall be provided honestly and unambiguously. If
the proposed accountant is unable to communicate with the existing accountant, the proposed accountant
shall take reasonable steps to obtain information about any possible threats by other means, such as
through inquiries of third parties or background investigations of senior management or those charged
with governance of the client.

10. F

PART B
SECTION 270
Custody of Client Assets
270.1 A professional accountant in public practice shall not assume custody of client monies or other
assets unless permitted to do so by law and, if so, in compliance with any additional legal duties imposed
on a professional accountant in public practice holding such assets.

11. T

PART B
SECTION 280
Objectivity—All Services
280.2 A professional accountant in public practice who provides an assurance service shall be
independent of the assurance client.
Independence of mind and in appearance is necessary to enable the professional accountant in public
practice to express a conclusion, and be seen to express a conclusion, without bias, conflict of interest, or
undue influence of others. Sections 290 and 291 provide specific guidance on independence requirements
for professional accountants in public practice when performing assurance engagements.

12. F

Interpretation 2005–01 (Revised July 2009 to conform to changes resulting from the IESBA’s
project to improve the clarity of the Code)
Assertion-Based Assurance Engagements
In an assertion-based assurance engagement, the evaluation or measurement of the subject matter is
performed by the responsible party, and the subject matter information is in the form of an assertion by
the responsible party that is made available to the intended users. In an assertion-based assurance
engagement independence is required from the responsible party, which is responsible for the subject
matter information and may be responsible for the subject matter. In those assertion-based assurance
engagements where the responsible party is responsible for the subject matter information but not the
subject matter, independence is required from the responsible party. In addition, an evaluation shall be
made of any threats the firm has reason to believe are created by interests and relationships between a
member of the assurance team, the firm, a network firm and the party responsible for the subject matter.

13. T

PART B
Engagement Period
290.30 Independence from the audit client is required both during the engagement period and the period
covered by the financial statements. The engagement period starts when the audit team begins to perform
audit services. The engagement period ends when the audit report is issued. When the engagement is of a
recurring nature, it ends at the later of the notification by either party that the professional relationship has
terminated or the issuance of the final audit report.

14. F

PART C
SECTION 300
Introduction
300.4 A professional accountant in business has a responsibility to further the legitimate aims of the
accountant’s employing organization. This Code does not seek to hinder a professional accountant in
business from properly fulfilling that responsibility, but addresses circumstances in which compliance
with the fundamental principles may be compromised.

15. F

AICPA Code of Professional Conduct


Interpretations Under the General Standards Rule
1.300.010 Competence
.01 Competence, in this context, means that the member or member’s staff possess the appropriate
technical
qualifications to perform professional services and that the member, as required, supervises and evaluates
the quality of work performed. Competence encompasses knowledge of the profession’s standards, the
techniques and technical subject matter involved, and the ability to exercise sound judgment in applying
such knowledge in the performance of professional services. (does not include warranting the infallibility
of the work performed)

16. F

PART C
SECTION 330
Acting with Sufficient Expertise
330.3 The significance of the threat will depend on factors such as the extent to which the professional
accountant in business is working with others, relative seniority in the business, and the level of
supervision and review applied to the work. The significance of the threat shall be evaluated and
safeguards applied when necessary to eliminate the threat or reduce it to an acceptable level. Examples of
such safeguards include:
• Obtaining additional advice or training.
• Ensuring that there is adequate time available for performing the relevant duties.
• Obtaining assistance from someone with the necessary expertise.
• Consulting, where appropriate, with: o Superiors within the employing organization; o Independent
experts; or o A relevant professional body.

17. F

PART A
SECTION 1001
Introduction and Fundamental Principles /Fundamental Principles
100.5 A professional accountant shall comply with the following fundamental principles:
(b) Objectivity – to not allow bias, conflict of interest or undue influence of others to override
professional or business judgments.
SECTION 120
Objectivity
120.1 The principle of objectivity imposes an obligation on all professional accountants not to
compromise their professional or business judgment because of bias, conflict of interest or the undue
influence of others.
120.2 A professional accountant may be exposed to situations that may impair objectivity. It is
impracticable to define and prescribe all such situations. A professional accountant shall not perform a
professional service if a circumstance or relationship biases or unduly influences the accountant’s
professional judgment with respect to that service.

18. T

PART C
SECTION 34011
Financial Interests
340.3 A professional accountant in business shall neither manipulate information nor use confidential
information for personal gain.

19. F

PART C
SECTION 300
Introduction
300.4 A professional accountant in business has a responsibility to further the legitimate aims of the
accountant’s employing organization. This Code does not seek to hinder a professional accountant in
business from properly fulfilling that responsibility, but addresses circumstances in which compliance
with the fundamental principles may be compromised.

20. F

PART B
SECTION 240
Fees and Other Types of Remuneration
240.5 In certain circumstances, a professional accountant in public practice may receive a referral fee or
commission relating to a client. For example, where the professional accountant in public practice does
not provide the specific service required, a fee may be received for referring a continuing client to another
professional accountant in public practice or other expert. A professional accountant in public practice
may receive a commission from a third party (for example, a software vendor) in connection with the sale
of goods or services to a client. Accepting such a referral fee or commission creates a self-interest threat
to objectivity and professional competence and due care.
240.6 A professional accountant in public practice may also pay a referral fee to obtain a client, for
example, where the client continues as a client of another professional accountant in public practice but
requires specialist services not offered by the existing accountant. The payment of such a referral fee also
creates a self-interest threat to objectivity and professional competence and due care.
240.7 A professional accountant in public practice should not pay or receive a referral fee or commission,
unless the professional accountant in public practice has established safeguards to eliminate the threats or
reduce them to an acceptable level. Such safeguards may include:
 Disclosing to the client any arrangements to pay a referral fee to another professional accountant
for the work referred.
 Disclosing to the client any arrangements to receive a referral fee for referring the client to
another professional accountant in public practice.
 Obtaining advance agreement from the client for commission arrangements in connection with
the sale by a third party of goods or services to the client

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