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Unformatted text preview: , republish, display, sell, create derivative works, communicate or convey to others, store in a retrieval system, transmit or export in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, or otherwise use the material contained herein or any part thereof, in any way for commercial, profit or other purposes. i By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants [Issued January 2007] TABLE OF CONTENTS Page 1. FOREWORD 1 2. DEFINITIONS 3 3. PART I: BY-LAWS ON PROFESSIONAL ETHICS 12 EXPLANATORY FOREWORD 12 PART A: GENERAL APPLICATION 13 Fundamental Principles and Conceptual Framework 14 100 100.1 Fundamental Principles 14 100.2 Conceptual Framework Approach 14 100.9 Threats and Safeguards 16 100.16 Ethical Conflict Resolution 17 110 Integrity 19 120 Objectivity 20 130 Professional Competence and Due Care 21 140 Confidentiality 22 150 Professional Behaviour 24 150.1 200 24 150.2 PART B: Professional Behaviour Advertising, Marketing and Promotions 24 PROFESSIONAL ACCOUNTANTS IN PUBLIC PRACTICE 25 Introduction 26 200.1 26 200.3 210 Introduction Threats and Safeguards 26 Professional Appointment 31 210.1 31 210.7 Engagement Acceptance 31 210.10 220 Client Acceptance Changes in Professional Appointment 32 Conflicts of Interest 35 ii By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants [Issued January 2007] TABLE OF CONTENTS 230 Second Opinions 37 240 Fees and Other Types of Remuneration 38 240.1 38 240.3 Contingent Fees 39 240.5 250 Fees Referral Fees or Commissions 39 Marketing Public Practice Services 41 250.1 Advertising or Marketing Services 41 250.5 Tenders 41 260 Gifts and Hospitality 43 270 Custody of Clients Assets 44 280 Objectivity–All Services 45 290 Independence – Assurance Engagements 46 290.11 A Conceptual Approach to Independence 48 290.14 Networks and Network Firms 49 290.27 Assertion-based Assurance Engagements 51 290.27 Financial Statement Audit Engagements 51 290.28 Other Assertion-based Assurance Engagements 52 290.31 Direct Reporting Assurance Engagements 53 290.32 Restricted Use Reports 53 290.33 Multiple Responsible Parties 53 290.34 Other Considerations 54 290.37 O bjective and Structure of this Section 55 290.44 Engagement Period 56 290.100 Application to Specific Situations 58 290.104 Financial Interests 59 290.106 Provisions applicable to All Assurance Clients 59 290.113 Provisions applicable to Financial Statement Audit Clients 62 iii By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants [Issued January 2007] TABLE OF CONTENTS 290.122 Provisions applicable to Non-Financial Statement Audit Assurance Clients 64 290.126 Loans and Guarantees 65 290.132 Close Business Relationships with Assurance Clients 66 290.135 Family and Personal Relationships 67 290.143 Employment with Assurance Clients 70 290.146 Recent Service with Assurance Clients 72 290.149 Serving as...
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