Applicable to all members in public practice as

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Unformatted text preview: he Institute, which is registered with the Institute and which offers among others, audit services. professional standards - all those professional standards that are required to be maintained, observed and applied by members in public practice from time to time, and which are for the purposes of this Statement, set out in paragraph 11 below. reviewer - a. b. c. d. practising certificate a member of the Institute who is appointed or engaged as an employee by the Institute for the purpose of carrying out practice reviews; a member of the Institute having a valid audit licence and practising certificate who is appointed to the Panel of Reviewers by the Registrar for the purposes of carrying out practice reviews; a member of the Institute who has retired from public practice and has held a valid audit licence and practising certificate during the last five (5) years prior to his/her appointment to the Panel of Reviewers by the Registrar for the purposes of carrying out practice reviews; and any other expert as the Practice Review Committee deems fit and who is appointed on an ad hoc basis to carry out the assignment of practice reviews or any part thereof. - the practising certificate issued pursuant to Rule 9 of the Malaysian Institute of Accountants (Membership & Council) Rules 2001. 156 By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants [Issued January 2007] APPENDICES APPENDIX VII Panel of Reviewers - any member of the Institute, who is not an employee of the Institute and who has since been appointed by the Registrar as a reviewer to such a panel for the purposes of carrying out practice reviews on behalf of the Institute. Scope Members subject to review 8. All members in public practice offering audit services are required to adhere to the standards prescribed by the Institute. All members in public practice and/or member firms so engaged, must thus submit to practice review, subject to paragraph 9 below. Exemption 9. Where a member in public practice holding a practising certificate completes a declaration in prescribed form certifying that he/she is not engaged in public practice services in so far as it pertains to audit engagements during the preceding twelve (12) months and does not intend to so practise for the foreseeable future, or that he/she will be discontinuing public practice in so far as it pertains to audit engagements in the immediate future (a maximum of three (3) months from the random selection date), he/she may be exempted from practice review at the discretion of the Practice Review Committee. Establishment and appointment of Practice Review Committee 10. The Council of the Institute has mandated the establishment and composition of the Practice Review Committee to oversee the conduct of practice review as follows: a. The Practice Review Committee shall consist of such number of members, being not less than eight (8), as the Council shall determine and of whom, not more than two...
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This document was uploaded on 09/23/2013.

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