And practice section 520 death or incapacity of a

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Unformatted text preview: re is a change in professional appointment, the existing professional accountant providing the relevant professional services should transfer all books, documents and papers of the client which are or may have come into the professional accountant’s possession, to the new professional accountant appointed to provide such professional services, promptly after the change in appointment has been effected. The client should be advised accordingly. (2) Where the new professional accountant requires information as to the client's affairs from the existing professional accountant, lack of which might prejudice the client's interest, such information should be given promptly. No charge should be imposed for the provision of such information, unless there is good reason to the contrary such as an unusual amount of work involved to provide the same. Exercise of Lien 530.2 Notwithstanding paragraph 530.1, where a legal right of lien exists, the member in public practice may exercise that lien in appropriate circumstances. 530.3 A right of lien only exists where all four of the following circumstances apply: (a) (b) the documents must have come into possession of the member by proper means; (c) work must have been done by the member upon the documents; and (d) 530.4 the documents retained must be the property of the client who owes the money and not of a third party, no matter how closely connected with the client; the fees for which the lien is exercised must be outstanding in respect of such work and not in respect of other unrelated work. Accordingly, where a member in public practice does work for a company and also for the directors of that company in their private capacities, if the fees for work done for a director in his or her private capacity are unpaid, no right of lien exists over the company's documents in the light of paragraphs 530.3(a) and (d) above. 128 By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants [Issued January 2007] PART II: BY-LAWS ON PROFESSIONAL CONDUCT AND PRACTICE 530.5 In all events, members in public practice should consult their solicitors before seeking to exercise a lien in any but the most straightforward of cases. Similarly a client disputing the right of lien of a member might be persuaded to consult that client’s own solicitors. Where the member's right of lien is well founded the advice the client receives may change the client’s attitude both to the lien and the unpaid fees. 129 By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants [Issued January 2007] PART II: BY-LAWS ON PROFESSIONAL CONDUCT AND PRACTICE Section 540 Referrals Referrals 540.1 Where a member in public practice receives an assignment by referral from another member in public practice, that member in public practice should not provide any other professional services to the referring member's client without informing the referring member. 540.2 At all times, a me...
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This document was uploaded on 09/23/2013.

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