Required: Knowledge of the rules of conduct and related interpretations on independence,

integrity and objectivity will help you respond to the following cases. For each cases, state

whether the action or situation shows violation of the Revised Code of Ethics for Professional

Accountants, explain why, and cite the relevant rule and interpretation.

A. CPA Ella Santos performs the audit of the local symphony society. Because of her good work, she was elected an honorary member of the board of directors.

B. Carlos Monte, a retired partner of your CPA firm has just been appointed to the Board of Directors of Fame Corporation, your firm's client. Monte is also an ex officio member of your firm's income tax advisory committee which meets monthly to discuss income tax problems of the partnership's clients, some of which are competitors of Fame Corporation. The partnership pays Monte P 1,000 for each committee meeting attended and a monthly retirement benefit, fixed by a retirement plan policy of P 10,000.

C. CPA R. Benitez performs significant day-to-day bookkeeping services for Hernan Corporation and supervises the work of the one part-time bookkeeper employed by Miguel Hernan. This year, Miguel Hernan wants to engage CPA Benitez to perform an audit assurance

engagement for his company.