Clearly insignificant to apply safeguards to

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Unformatted text preview: business. Professional accountants in public practice may also find the guidance in Part C relevant to their particular circumstances. 12 By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants [Issued January 2007] PART I: BY-LAWS ON PROFESSIONAL ETHICS PART A: GENERAL APPLICATION Section 100 Fundamental Principles and Conceptual Framework Section 110 Integrity Section 120 Objectivity Section 130 Professional Competence and Due Care Section 140 Confidentiality Section 150 Professional Behaviour 13 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 100 Fundamental Principles and Conceptual Framework Fundamental Principles 100.1 A professional accountant is required to comply with the following fundamental principles: (a) Integrity A professional accountant should be straightforward and honest in all professional and business relationships. (b) Objectivity A professional accountant should not allow bias, conflict of interest or undue influence of others to override professional or business judgments. (c) Professional Competence and Due Care A professional accountant has a continuing duty to maintain professional knowledge and skill at the level required to ensure that a client or employer receives competent professional service based on current developments in practice, legislation and techniques. A professional accountant should act diligently and in accordance with applicable technical and professional standards when providing professional services. (d) Confidentiality A professional accountant should respect the confidentiality of information acquired as a result of professional and business relationships and should not disclose any such information to third parties without proper and specific authority unless there is a legal or professional right or duty to disclose. Confidential information acquired as a result of professional and business relationships should not be used for the personal advantage of the professional accountant or third parties. (e) Professional Behaviour A professional accountant should comply with relevant laws and regulations and should avoid any action that discredits the profession. Each of these fundamental principles is discussed in more detail in Sections 110 – 150. Conceptual Framework Approach 100.2 The circumstances in which professional accountants operate may give rise to specific threats to compliance with the fundamental principles. It is impossible to 14 By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants [Issued January 2007] PART I: BY-LAWS ON PROFESSIONAL ETHICS define every situation that creates such threats and specify the appropriate mitigating action. In addition, the nature of engagements and work assignments may differ and consequently different threats may exist, requiring the application of differen...
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This document was uploaded on 09/23/2013.

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