In public practice with a view to procuring

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Unformatted text preview: ent see the definition of financial statement audit client.) (iv) assurance engagement An engagement in which a professional accountant in public practice expresses a conclusion designed to enhance the degree of confidence of the intended users other than the responsible party about the outcome of the evaluation or measurement of a subject matter against criteria. (For guidance on assurance engagements see the International Framework for Assurance Engagements issued by the International Auditing and Assurance Standards Board which describes the elements and objectives of an assurance engagement and identifies engagements to which International Standards on Auditing (ISAs), International Standards on Review Engagements (ISREs) and International Standards on Assurance Engagements (ISAEs) apply.) (v) assurance team (a) All members of the engagement team for the assurance engagement; (b) All others within a firm who can directly influence the outcome of the assurance engagement, including: (i) those who recommend the compensation of, or who provide direct supervisory, management or other oversight of the 3 By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants [Issued January 2007] DEFINITIONS assurance engagement partner in connection with the performance of the assurance engagement. For the purposes of a financial statement audit engagement this includes those at all successively senior levels above the engagement partner through the firm’s chief executive; (ii) those who provide consultation regarding technical or industry specific issues, transactions or events for the assurance engagement; and (iii) those who provide quality control for the assurance engagement, including those who perform the engagement quality control review for the assurance engagement; and (c) For the purposes of a financial statement audit client, all those within a network firm who can directly influence the outcome of the financial statement audit engagement. (vi) clearly insignificant A matter that is deemed to be both trivial and inconsequential. (vii) close family A parent, child or sibling, who is not an immediate family member. (viii) commission Commission includes commission paid in cash and in kind. (ix) contingent fee A fee calculated on a predetermined basis relating to the outcome or result of a transaction or the result of the work performed. A fee that is established by a court or other public authority is not a contingent fee. (x) Council The Council of the Malaysian Institute of Accountants established by section 8 of the Act. (xi) CPE Continuing professional education. (xii) CPE cycle CPE cycle is three commencing on: consecutive calendar years (a) the first day of the calendar year immediately following the end of the previous CPE cycle applicable to the professional accountant; or (b) (i) the first day of the calendar year in which 4 By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institu...
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This document was uploaded on 09/23/2013.

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