International Finance and Accounting Handbook

15 • 37

Philippines

The public accountant accepts the responsibility of sustaining

The following functions are not generally allowed:

an auditor

criteria that would be viewed as independent and unbiased

with direct or material indirect financial interest in the enter-

by one with knowledge of all facts. In all matters relating to

prise; an auditor who had any joint, closely held business

an engagement, an independence in mental attitude is to be

investment with the enterprise or any officer, director or

maintained by the public accountant.

principal stockholder which was material in relation to his orher firm’s net worth; an auditor who was connected with theenterprise as a promoter, underwriter or voting trustee; anauditor who was a trustee for any pension or profit-sharingtrust of the enterprise.

Singapore

Independence and freedom of any obligation are required by

Serving as an officer of the company, as a partner, employer

the Statement of Auditing guidelines of the ICPAS; restrictions

or employee of an officer, or as the person responsible for

are specified in the Companies Act.

keeping the register of members or of holders of debenturesfor the company; holding a debt to the client or a relatedcompany of more than $2,500.

Africa and Middle EastSaudi Arabia

The auditor and his or her staff must be completely indepen-

Any function that impairs independence

dent, impartial, and objective.

Kenya

A member of ICPA(K) in public practice should be, or should

Not available

be seen to be, free of any interest which might detract fromobjectivity and integrity in each assignment that he or sheundertakes.

Exhibit 15.4.

(Continued

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