In public practice determines to be suitable criteria

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Unformatted text preview: matter in this engagement (companies 1-10) As discussed in example A1 above, the firm may take into account whether an interest or relationship with a particular company would create a threat to independence that is other than clearly insignificant. D1 Each company provides the firm with a representation that measures its reserves against the established criteria for measuring proven reserves. The representation is not available to the intended users. There are several responsible parties in this engagement (companies 1-10). determining whether it is necessary to apply the independence provisions to all companies, the firm may take into account whether an interest or relationship particular company would create a threat to independence that is other than insignificant. This will take into account factors such as: When of the with a clearly • The materiality of the company’s proven reserves in relation to the total reserves to be reported on; and • The degree of public interest associated with the engagement. (paragraph 290.20). For example Company 8 accounts for 0.16% of the reserves, therefore a business relationship or interest with the Company 8 would create less of a threat than a similar relationship with Company 6 that accounts for approximately 37.5% of the reserves. Having determined those companies to which the independence requirements apply, the assurance team and the firm are required to be independent of those responsible parties which would be considered to be the assurance client (paragraph 290.20). 149 By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants [Issued January 2007] APPENDICES APPENDIX IV D2 The firm directly measures the reserves of some of the companies. The application is the same as in example D1. 150 By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants [Issued January 2007] APPENDICES APPENDIX V Accredited structured and unstructured CPE learning activities for Section 410 1. ACCREDITED STRUCTURED LEARNING ACTIVITIES/PROGRAMMES (a) CPE courses and conferences organised by the Institute or by the Institute jointly with other professional bodies or by other organisations endorsed by the Institute. (b) CPE courses and conferences organised by the recognised bodies as listed in Part II of the First Schedule to the Act. (c) Courses and conferences organised by other accredited organisations. (d) Participation in formal groups and formal self-study programmes designed specifically for members. (e) Studies undertaken for the purpose of preparing for a post-qualification course. (f) Studies undertaken after qualification with a view to preparing the member for a postgraduate degree. (g) Suitable courses run by a university or appropriate institution. (h) Relevant courses run by a firm in public practice, an industrial company or other business organization. (i) Correspondence courses, audiotape or videotape packages, courses of programmed t...
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This document was uploaded on 09/23/2013.

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