And loss accounts statements of changes in financial

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Unformatted text preview: will always include its related entities. (xxiii) financial statement audit engagement A reasonable assurance engagement in which a professional accountant in public practice expresses an opinion whether financial statements are prepared in all material respects in accordance with an identified financial reporting framework, such as an engagement conducted in accordance with the Malaysian Approved or International Standards on Auditing. This includes a Statutory Audit, which is a financial statement audit required by the Companies Act 1965 or other legislation. (xxiv) firm (a) A member firm; (b) An entity that controls the member firm; or (c) An entity controlled by the member firm. 6 By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants [Issued January 2007] DEFINITIONS firm (a) A member firm; (b) An entity that controls the member firm through ownership, management or other means; or (c) An entity controlled by the member firm through ownership, management or other means. (Inserted 25 May 2007; With effect from 31 December 2008 for assurance reports dated on or after this date) (xxv) immediate family A spouse (or equivalent) or dependant. (xxvi) independence Independence is: (a) Independence of mind – the state of mind that permits the provision of an opinion without being affected by influences that compromise professional judgment, allowing an individual to act with integrity, and exercise objectivity and professional judgment. (b) Independence in appearance – the avoidance of facts and circumstances that are so significant a reasonable and informed third party, having knowledge of all relevant information, including any safeguards applied, would reasonably conclude a firm’s, or a member of the assurance team’s, integrity, objectivity or professional skepticism had been compromised. (xxvii) indirect financial interest A financial interest beneficially owned through a collective investment vehicle, estate, trust or other intermediary over which the individual or entity has no control. (xxviii) Institute The Malaysian Institute of Accountants established by section 3 of the Act. (xxix) listed entity An entity whose shares, stock or debt are quoted or listed on a recognized stock exchange, or are marketed under the regulations of a recognized stock exchange or other equivalent body. (xxx) member A professional accountant who is registered with the Institute in accordance with the Act as a chartered accountant, licensed accountant or an associate 7 By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants [Issued January 2007] DEFINITIONS member. (xxxi) member in public practice A member (other than an associate member) who as a sole proprietor or in a partnership, provides or is engaged in public practice services in return for a fee or reward for such services otherwise than as an employee, and who holds a valid practising certificate issued pursuant to rule...
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This document was uploaded on 09/23/2013.

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