Refer to the Code of Ethics for Professional Accountants in the Philippines on the PICPA website:

http://picpa.com.ph/content.html?article=Code%20of%20Ethics&page=Home

Requirements:

1. What are the basis/ reference of the latest Code of Ethics for Professional Accountants in the Philippines?
2. What is the date of effectivity of the code of ethics in question 1?
3. What are the fundamental principles professional accountants in the Philippines shall comply to? Give a short background for each.
4. What are the threats that could compromise, or could perceive to compromise a professional Accountant's compliance with the fundamental principles? Give a short example for each and potential safeguards (based on the Code of Ethics) that may eliminate that threat to an acceptable level.

Threats as per Code of Ethics Exampleof that Threat Potential Safeguardfor that Threat

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5.

• What does NOCLAR means and give at least two corresponding responsibilities of all professional accountants for this matter.
• Under what CPA board exam subject are the Code of Ethics for Professional Accountants in the Philippines and NOCLAR provisions and implications belongs to?