Exposure Draft - ACRA

More documents

Recommendations

Info

CODE OF PROFESSIONAL CONDUCT AND ETHICS FOR PUBLIC ACCOUNTANTS engagement; and (iii) those who provide quality control for the assurance engagement, including those who perform the engagement quality control review for the assurance engagement; and (c) For the purposes of a financial statement audit client, all those within a network firm who can directly influence the outcome of the financial statement audit engagement. Clearly insignificant Close family Contingent fee Direct financial Interest Director or officer A matter that is deemed to be both trivial and inconsequential. A parent, child or sibling, who is not an immediate family member. A fee calculated on a predetermined basis relating to the outcome or result of a transaction or the result of the work performed. A fee that is established by a court or other public authority is not a contingent fee. A financial interest: (a) Owned directly by and under the control of an individual or entity (including those managed on a discretionary basis by others); or (b) Beneficially owned through a collective investment vehicle, estate, trust or other intermediary over which the individual or entity has control Those charged with the governance of an entity, regardless of their title, which may vary from country to country. Engagement partner The partner or other person in the firm who is responsible for the engagement and its performance, and for the report that is issued on behalf of the firm, and who, where required, has the appropriate authority from a professional, legal or regulatory body. Engagement quality control review A process designed to provide an objective evaluation, before the report is issued, of the significant judgments the engagement team made and the conclusions they reached in formulating the report. Engagement team All personnel performing an engagement, including any experts contracted by the firm in connection with that engagement. Entity of Significant To be defined Public Interest 79
CODE OF PROFESSIONAL CONDUCT AND ETHICS FOR PUBLIC ACCOUNTANTS Existing accountant Financial interest A public accountant currently holding an audit appointment or carrying out accounting, taxation, consulting or similar professional services for a client.. An interest in an equity or other security, debenture, loan or other debt instrument of an entity, including rights and obligations to acquire such an interest and derivatives directly related to such interest. Financial statements Financial statement audit client Financial statement audit engagement Firm Immediate family Independence The balance sheets, income statements or profit and loss accounts, statements of changes in financial position (which may be presented in a variety of ways, for example, as a statement of cash flows or a statement of fund flows), notes and other statements and explanatory material which are identified as being part of the financial statements. An entity in respect of which a firm conducts a financial statement audit engagement. When the client is an entity of significant public interest, financial statement audit client will always include its related entities A reasonable assurance engagement in which a public accountant practice expresses an opinion whether financial statements are prepared in all material respects in accordance with an identified financial reporting framework, such as an engagement conducted in accordance with Singapore Standards on Auditing. This includes a Statutory Audit, which is a financial statement audit required by legislation or other regulation. (a) An Accounting Corporation, Accounting Firm, or Accounting Limited Liability Partnership, as registered in accordance with the Accountants Act (Chapter 2) (b) An entity that controls such parties through ownership, management or other means; and (c) An entity controlled by such parties through ownership, management or other means. A spouse (or equivalent) or dependant. Independence is: (a) Independence of mind – the states of mind that permits the provision of an opinion without being affected by influences that compromise professional judgment, allowing an individual to act with integrity, and exercise objectivity and professional judgment (b) Independence in appearance – the avoidance of facts and circumstances that are so significant a reasonable and informed third party, having knowledge of all relevant information, including any 80
Page 1 and 2:
CODE OF PROFESSIONAL CONDUCT AND ET
Page 3 and 4:
Page 5 and 6:
Section 100 CODE OF PROFESSIONAL CO
Page 7 and 8:
Page 9 and 10:
Page 11 and 12:
Section 120 CODE OF PROFESSIONAL CO
Page 13 and 14:
Page 15 and 16:
Page 17 and 18:
Section 200 Introduction CODE OF PR
Page 19 and 20:
Page 21 and 22:
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30: CODE OF PROFESSIONAL CONDUCT AND ET
Page 79: CODE OF PROFESSIONAL CONDUCT AND ET
Page 83: CODE OF PROFESSIONAL CONDUCT AND ET
show all

Exposure Draft - ACRA

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?