Professional Review and

Training Center (PRTC)

Code of Ethics for

Professional Accountants
(AT.2522)

Leomar R. Cabarles
Overview: Three
Overview: Three Parts
Parts
Part A—
General
Application of
the Code
Part A:
Part A: General
General Application
Application
Conceptual Framework
Conceptual Framework of
of Compliance
Compliance
Conceptual Framework
Conceptual Framework of
of Compliance
Compliance

3. Client
Fundamental Principles
Fundamental Principles
Fundamental Principles
Fundamental Principles
Fundamental Principles
Fundamental Principles
Fundamental Principles
Fundamental Principles
Fundamental Principles
Fundamental Principles
Threats to
Threats to Fundamental
Fundamental Principles
Principles
Safeguards: PLR
Safeguards: PLR
Safeguards: Work
Safeguards: Work Environment
Environment
Safeguards: Client’s
Safeguards: Client’s Systems/Procedures
Systems/Procedures
Ethical Conflict
Ethical Conflict Resolution
Resolution
Ethical Conflict
Ethical Conflict Resolution
Resolution
Part B—
Public Practice
Part B:
Part B: Public
Public Practice
Practice
Part B:
Part B: Public
Public Practice
Practice
Professional Appointment
Professional Appointment
Conflicts of
Conflicts of Interest
Interest
Second Opinions
Second Opinions
Fees and
Fees and Other
Other Types
Types of
of Remuneration
Remuneration
Marketing Professional
Marketing Professional Services
Services
Gifts and
Gifts and Hospitality
Hospitality
Custody of
Custody of Client
Client Assets
Assets
Objectivity
Objectivity
Independence
Independence
 Independence: Team,
Independence: Team, Firm
Firm and
and Network
Network

Audit Non-audit, Non-audit,

general use restricted use
Audit client Team, Team, firm Team, firm and
firm and and network network
network
Non-audit N/A Team and Team and firm
assurance firm must not have
client material
financial
interest
Part C—Business
Part C:
Part C: Business
Business
Conflicts of
Conflicts of interest
interest
Preparation and
Preparation and Reporting
Reporting of
of Information
Information
Acting with
Acting with Sufficient
Sufficient Expertise
Expertise
Financial Interests
Financial Interests
Inducements
Inducements
DIY Drill Answers
DIY Drill Answers
DIY Drill Answers
DIY Drill Answers