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record, document or other thing which is in his/her possession or under his/her
control by virtue of his/her being or having been so appointed or his/her having
performed or having assisted any other person in the performance of such a
function; provided that the above provisions do not apply in relation to disclosures made in relation
to or for the purpose of any investigation and disciplinary proceedings or criminal
50. In order to enhance confidentiality and impartiality, neither the identity of the member, the
member firm or the member’s clients will be made known to the Practice Review
Committee. Any report prepared by the reviewer for the Practice Review Committee will
only identify the member firm and its clients by code numbers.
51. Where the final practice review report has been issued by the Practice Review Committee
and no further action is required, the report, work papers and correspondence pertaining to
the review shall be destroyed after one year. Data required for administration purposes
shall be retained in order to evidence that a review requiring no further action has been 166 By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants
[Issued January 2007] APPENDICES
completed and to identify the members and the firm reviewed. Where the Practice Review
Committee decides that further action is necessary, all files shall be retained until such
further action has been completed to the satisfaction of the Practice Review Committee.
Completeness of Review
52. For practical reasons, not all partners of a member firm that have been selected for
practice review will be reviewed individually as regard to the current audit engagement
53. However, in most circumstances, the sample of files selected for on-site practice review
should be reflective of the firms’ overall operations and size. Appendix B herein sets out a
flow chart of a general indication of such file selection.
APPENDIX A Summary of Practice Review Procedures
The Practice Review Committee shall, among other things, determine the detailed practice and
procedures to be observed in relation to practice review. The framework for the review procedures
as contained herein have been endorsed by the Council and shall act as supplemental to the
Statement on Practice Review issued by the Council on 15 November 2002 and which comes into
effect on 1 January 2003. These procedures are summarised below and can be categorised into
three stages - planning, execution and reporting.
Selection of member firms by Registrar
The Registrar will select member firms randomly from the register of member firms maintained
by the Institute. Each member firm shall have an equal chance of being selected. However, the
Practice Review Committee may also, at its sole discretion, review any of the member firms
which are referred by other committees of the Institute or other regulatory bodies in Malaysi...
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