Appropriate to resign from the employing organization

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Unformatted text preview: ct and Practice) of the Malaysian Institute of Accountants [Issued January 2007] PART I: BY-LAWS ON PROFESSIONAL ETHICS (a) Obtaining advice where appropriate from within the employing organization, an independent professional advisor or obtain guidance from the Institute. (b) The existence of a formal dispute resolution process within the employing organization. (c) Seeking legal advice. 101 By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants [Issued January 2007] PART I: BY-LAWS ON PROFESSIONAL ETHICS Section 320 Preparation and Reporting of Information Preparation and Reporting of Information 320.1 Professional accountants in business are often involved in the preparation and reporting of information that may either be made public or used by others inside or outside the employing organization. Such information may include financial or management information, for example, forecasts and budgets, financial statements, management discussion and analysis, and the management letter of representation provided to the auditors as part of an audit of financial statements. A professional accountant in business should prepare or present such information fairly, honestly and in accordance with relevant professional standards so that the information will be understood in its context. 320.2 A professional accountant in business who has responsibility for the preparation or approval of the general purpose financial statements of an employing organization should ensure that those financial statements are presented in accordance with the applicable financial reporting standards. 320.3 A professional accountant in business should maintain information for which the professional accountant in business is responsible in a manner that: (a) Describes clearly the true nature of business transactions, assets or liabilities; (b) Classifies and records information in a timely and proper manner; and (c) Represents the facts accurately and completely in all material respects. 320.4 Threats to compliance with the fundamental principles, for example self-interest or intimidation threats to objectivity or professional competence and due care, may be created where a professional accountant in business may be pressured (either externally or by the possibility of personal gain) to become associated with misleading information or to become associated with misleading information through the actions of others. 320.5 The significance of such threats will depend on factors such as the source of the pressure and the degree to which the information is, or may be, misleading. The significance of the threats should be evaluated and, if they are other than clearly insignificant, safeguards should be considered and applied as necessary to eliminate them or reduce them to an acceptable level. Such safeguards may include consultation with superiors within the employing organization, for 102 By-Laws (On Professional Ethics, Conduct and Practice) of...
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