these members will need to complete the cpe cycle

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Unformatted text preview: bserve and apply the relevant professional standards. Primarily, the practice review programme is intended to be educational and to help members in public practice improve their professional standards where necessary. Essentially through a review of current engagement files, the practice review programme will identify areas where a member in public practice may require assistance in maintaining professional standards. 4. The practice review programme does not set new standards. Rather, the standards that the member in public practice is expected to maintain are those already prescribed by the Institute pursuant to the Act, the Rules and the By-Laws of the Institute including all ethical standards in the form of the Institute’s By-Laws (On Professional Conduct and Ethics), auditing standards in the form of the Malaysian Approved Standards on Auditing as well as the various guidelines issued by the Institute in the form of Recommended Practice Guides (RPG) and statements and circulars on best practices issued by the Institute from time to time. 5. This Statement and its supporting appendices set out the conduct and procedures of the practice review programme in general terms. This Statement also provides details of the requirements of the practice review programme, what is expected of a member during the conduct of a practice review, and a brief description of the practice review process. 6. This Statement comes into operation on 1 January 2003 and unless otherwise stated by the Council of the Institute, shall only operate in respect of members in public practice and/or member firms who provide, among others, audit services. Compliance with the requirements in this Statement is mandatory. 155 By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants [Issued January 2007] APPENDICES APPENDIX VII Definition of terms 7. member in public practice - a chartered accountant who, as a sole proprietor or in a partnership, provides or is engaged in public practice services (as defined in the Malaysian Institute of Accountants (Membership & Council) Rules 2001) in return for a fee or reward for such services otherwise than as an employee, and who holds a valid practising certificate. For the purpose of this Statement, this includes a member firm. Amended 25 January 2007; With effect from 25 January 2007 practice review - in relation to a member firm, means an examination or review undertaken pursuant to this Statement and the supporting appendices to determine whether professional standards are being or have been observed, maintained and applied. Practice Review Committee - a committee established by the Council of the Malaysian Institute of Accountants (the Institute) to conduct practice reviews to determine whether professional standards have been maintained, observed and applied. member firm - for the purpose of this Statement, a firm of chartered accountants where the sole-proprietor or all the partners are members of t...
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This document was uploaded on 09/23/2013.

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