On professional ethics conduct and practice of the

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Unformatted text preview: ty in professional conduct and conduct unbecoming of a professional accountant. (xlvi) unstructured CPE learning activities CPE learning activities which include private reading and study, and technical research for practical work. (xlvii) verifiable CPE learning CPE learning activities which can be objectively verified by a competent source. Examples of evidence for verification of CPE learning include attendance certificates, course outlines and materials, evidence of enrolment or registration in a CPE activity, qualification or assessment reports, employer’s reports or confirmations of participation in in-house CPE activities or training programmes, academic awards and receipts. 11 By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants [Issued January 2007] PART I: BY-LAWS ON PROFESSIONAL ETHICS EXPLANATORY FOREWORD 1. Part I of the By-Laws of the Institute consists of the By-Laws on Professional Ethics which incorporates the Code of Ethics for Professional Accountants issued by the International Federation of Accountants (IFAC) in June 2005 and as amended by IFAC from time to time, as well as additional requirements applicable to the Malaysian regulatory and professional environment. The ByLaws on Professional Ethics establishes the ethical requirements and standards applicable to all members of the Institute as professional accountants. 2. A distinguishing mark of the accountancy profession is its acceptance of the responsibility to act in the public interest. Therefore, a professional accountant’s responsibility is not exclusively to satisfy the needs of an individual client or employer. In acting in the public interest a professional accountant should observe and comply with the ethical requirements in these By-Laws. 3. The By-Laws on Professional Ethics consists of three parts. Part A establishes the fundamental principles of professional ethics for professional accountants and provides a conceptual framework for applying those principles. The conceptual framework provides guidance on fundamental ethical principles. Professional accountants are required to apply this conceptual framework to identify threats to compliance with the fundamental principles, to evaluate their significance and, if such threats are other than clearly insignificant to apply safeguards to eliminate them or reduce them to an acceptable level such that compliance with the fundamental principles is not compromised. 4. Parts B and C illustrate how the conceptual framework is to be applied in specific situations. It provides examples of safeguards that may be appropriate to address threats to compliance with the fundamental principles and also provides examples of situations where safeguards are not available to address the threats and consequently the activity or relationship creating the threats should be avoided. Part B applies to professional accountants in public practice. Part C applies to professional accountants in...
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This document was uploaded on 09/23/2013.

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