Malaysian institute of accountants established by

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Unformatted text preview: te of Accountants [Issued January 2007] DEFINITIONS the professional accountant is first admitted to the Institute, if first admitted prior to 30 June of that year; or (ii) first day of the calendar year immediately following the year in which the professional accountant is first admitted to the Institute, if first admitted after 30 June of that year. (xiii) CPE learning activities CPE learning activities that develop and maintain capabilities to enable professional accountants to perform competently within their professional environments. CPE learning activities may comprise of structured and unstructured learning activities. (xiv) direct financial interest A financial interest which is: (a) Owned directly by and under the control of an individual or entity (including those managed on a discretionary basis by others); or (b) Beneficially owned through a collective investment vehicle, estate, trust or other intermediary over which the individual or entity has control. (xv) director or officer Those charged with the governance of an entity, regardless of their title, and include those persons defined as such in section 4(1) of the Companies Act 1965. (xvi) engagement partner The partner or other person in the firm who is responsible for the engagement and its performance, and for the report that is issued on behalf of the firm, and who, where required, has the appropriate authority from a professional, legal or regulatory body. (xvii) engagement quality control review A process designed to provide an objective evaluation, before the report is issued, of the significant judgments the engagement team made and the conclusions they reached in formulating the report. (xviii) engagement team All personnel performing an engagement, including any experts contracted by the firm in connection with that engagement. 5 By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants [Issued January 2007] DEFINITIONS (xix) existing accountant A professional accountant in public practice currently holding an audit appointment or carrying out accounting, taxation, consulting or similar professional services for a client. (xx) financial interest An interest in an equity or other security, debenture, loan or other debt instrument of an entity, including rights and obligations to acquire such an interest and derivatives directly related to such interest. (xxi) financial statements The balance sheets, income statements or profit and loss accounts, statements of changes in financial position (which may be presented in a variety of ways, for example, as a statement of cash flows or a statement of fund flows), notes and other statements and explanatory material which are identified as being part of the financial statements. (xxii) financial statement audit client An entity in respect of which a firm conducts a financial statement audit engagement. When the client is a listed entity or public interest entity, financial statement audit client...
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