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Unformatted text preview: mber in public practice who accepts a referral from another member in public practice should not do anything that will impair the position of that member in the continuing work for the client. 130 By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants [Issued January 2007] PART II: BY-LAWS ON PROFESSIONAL CONDUCT AND PRACTICE Section 550 Quality Assurance and Practice Review Quality Assurance 550.1 Every member in public practice is required to ensure that his or her firm complies with all relevant professional standards for the purposes of assurance as to the quality of the public practice services provided by the firm whether through that member, his or her partner(s) and/or employees. In doing so, every member in public practice has to ensure that the firm adopts and applies policies and procedures designed to maintain adherence to professional standards. 550.2 The professional standards required to be maintained, observed and applied by a member in public practice to the extent applicable to the type of public practice services provided by that member or the firm, include: (a) all standards and statements of professional conduct and ethics in the form of the Institute’s By-Laws in issue from time to time; (b) all approved standards whether issued by the Council or otherwise, and all guidelines, statements and/or circulars of best practices issued or prescribed by the Council and/or the Institute from time to time. Practice Review 550.3 The Institute has established its Practice Review programme pursuant to the Council’s Statement on Practice Review issued on 15 November 2002 together with its supporting appendices which are set out in Appendix VII to these bylaws. Appendix VII forms part of this section. 550.4 The objectives of the Practice Review programme are (a) to ensure that all members in public practice maintain, observe and apply the relevant professional standards, so as to assure that those members in public practice, their firms and their employees are competent, ethical, and exercise due professional care in their professional work; (b) to assist members in public practice to improve their professional standards where necessary; and (c) to identify areas where members in public practice may require assistance in maintaining and observing professional standards. 131 By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants [Issued January 2007] PART II: BY-LAWS ON PROFESSIONAL CONDUCT AND PRACTICE 550.5 The Practice Review programme does not set new professional standards. Rather, the professional standards that the members in public practice and/or their firms are expected to maintain are those already prescribed by the Institute and which are summarised for convenience in paragraph 550.2 above. 550.6 All members in public practice and/or member firms are required to submit to and undergo the Institute’s Practice Review programme as established p...
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