The following are modifications made to the
IFAC Code to consider Philippine regulatory
requirements and circumstances, except
a. The period for rotation of the lead
engagement partner was changed
from five to seven years.
b. Advertising and solicitation by individual
professional accountants in public
practice were not permitted in the
Philippines.
c. Additional examples relating to
anniversaries and websites
wherein publicity is acceptable, as
provided in boa resolution 19, series of
2000, were included.
d. Payment and receipt of commissions
were not permitted in the Philippines
IFAC Code to consider Philippine regulatory
requirements and circumstances, except
a. The period for rotation of the lead
engagement partner was changed
from five to seven years.
b. Advertising and solicitation by individual
professional accountants in public
practice were not permitted in the
Philippines.
c. Additional examples relating to
anniversaries and websites
wherein publicity is acceptable, as
provided in boa resolution 19, series of
2000, were included.
d. Payment and receipt of commissions
were not permitted in the Philippines