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Questions and Answers
Which statement is incorrect regarding the Code of Ethics for Professional Accountants in the Philippines?
Which statement is incorrect regarding the Code of Ethics for Professional Accountants in the Philippines?
- The Code of Ethics for Professional Accountants in the Philippines is mandatory for all CPAs and is applicable to professional services performed in the Philippines on or after January 1, 2004.
- Professional accountants refer to persons who are Certified Public Accountants (CPA) and who hold a valid certificate issued by the Board of Accountancy.
- Professional accountants should consider the ethical requirements as the basic principles which they should follow in performing their work.
- Where a national statutory requirement is in conflict with a provision of the IFAC Code, the IFAC Code requirement prevails. (correct)
Which statement is correct regarding the Code of Ethics for Professional Accountants in the Philippines?
Which statement is correct regarding the Code of Ethics for Professional Accountants in the Philippines?
- The Code of Ethics for Professional Accountants in the Philippines is mandatory for all CPAs and is applicable to professional services performed in the Philippines on or after January 1, 2004.
- Professional accountants should consider the ethical requirements as the basic principles which they should follow in performing their work.
- Where a national statutory requirement is in conflict with a provision of the IFAC Code, the IFAC Code requirement prevails.
- Professional accountants refer to persons who are Certified Public Accountants (CPA) and who hold a valid certificate issued by the Board of Accountancy. (correct)
What is the definition of professional accountants according to the Code of Ethics for Professional Accountants in the Philippines?
What is the definition of professional accountants according to the Code of Ethics for Professional Accountants in the Philippines?
- Persons who work in the field of finance.
- Persons who have passed the CPA exam.
- Persons who are Certified Public Accountants (CPA) and who hold a valid certificate issued by the Board of Accountancy. (correct)
- Persons who have a degree in accounting.
What is the effective date of the Code of Ethics for Professional Accountants in the Philippines?
What is the effective date of the Code of Ethics for Professional Accountants in the Philippines?
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What should professional accountants consider the ethical requirements as?
What should professional accountants consider the ethical requirements as?
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Study Notes
Code of Ethics for Professional Accountants in the Philippines
- The Code of Ethics defines professional accountants as those who are members of the Philippine Institute of Certified Public Accountants (PICPA) and certified public accountants (CPAs) in public practice.
- The Code of Ethics took effect on January 1, 2015.
- Professional accountants should consider the ethical requirements as guidelines for their professional conduct.
Correct and Incorrect Statements
- A correct statement about the Code of Ethics is that it provides a framework for professional accountants to make ethical decisions.
- An incorrect statement about the Code of Ethics is that it only applies to audit professionals.
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