Information preparation and reporting of information

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Unformatted text preview: the Malaysian Institute of Accountants [Issued January 2007] PART I: BY-LAWS ON PROFESSIONAL ETHICS example, the audit committee or other body responsible for governance or to seek guidance from the Institute. 320.6 Where it is not possible to reduce the threat to an acceptable level, a professional accountant in business should refuse to remain associated with information they consider is or may be misleading. Should the professional accountant in business be aware that the issuance of misleading information is either significant or persistent, the professional accountant in business should consider informing appropriate authorities in line with the guidance in Section 140. The professional accountant in business may also wish to seek legal advice or resign. 103 By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants [Issued January 2007] PART I: BY-LAWS ON PROFESSIONAL ETHICS Section 330 Acting with Sufficient Expertise Acting with Sufficient Expertise 330.1 The fundamental principle of professional competence and due care requires that a professional accountant in business should only undertake significant tasks for which the professional accountant in business has, or can obtain, sufficient specific training or experience. A professional accountant in business should not intentionally mislead an employer as to the level of expertise or experience possessed, nor should a professional accountant in business fail to seek appropriate expert advice and assistance when required. 330.2 Circumstances that threaten the ability of a professional accountant in business to perform duties with the appropriate degree of professional competence and due care include: (a) (b) Incomplete, restricted or otherwise performing the duties properly. (c) Insufficient experience, training and/or education. (d) 330.3 Insufficient time for properly performing or completing the relevant duties. Inadequate resources for the proper performance of the duties. inadequate information for The significance of such threats will depend on factors such as the extent to which the professional accountant in business is working with others, relative seniority in the business and the level of supervision and review applied to the work. The significance of the threats should be evaluated and, if they are other than clearly insignificant, safeguards should be considered and applied as necessary to eliminate them or reduce them to an acceptable level. Safeguards that may be considered include: (a) Obtaining additional advice or training. (b) Ensuring that there is adequate time available for performing the relevant duties. (c) Obtaining assistance from someone with the necessary expertise. (d) Consulting, where appropriate, with: − − (e) Superiors within the employing organization; Independent experts; or To seek guidance from the Institute. 104 By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants [Issued Jan...
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