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Unformatted text preview: true and fair view; and c. all approved auditing standards, and guidelines and statements of best practices in
issue from time to time. This will also include Recommended Practice Guides (RPG),
statements and circulars issued in relation to audit engagements and the practices
of a member firm. Scope
12. The Council has directed the Practice Review Committee to conduct practice reviews
pursuant to this Statement and its supporting appendices, in order to determine that the
professional standards specified in paragraph 11 above are observed, maintained and
applied by all member firms, subject to paragraph 9 above.
Extent of powers
13. Practice reviews will be performed by reviewers employed by the Institute and/or those
who have been appointed to the Panel of Reviewers by the Registrar. In order to ensure
proper administration of the practice review process, the Practice Review Committee is 158 By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants
[Issued January 2007] APPENDICES
allowed to exercise its full powers as provided in this Statement and pursuant to any other
directives issued by the Council without restriction.
Panel of Reviewers
14. A Panel of Reviewers will be established by the Institute to undertake the function of
practice review in addition to the reviewers so employed by the Institute to conduct
practice reviews. A person who is a member of the Institute and who holds a valid audit
licence and practising certificate or who has retired from public practice and has held a
valid audit licence and practising certificate within the last five (5) years shall be eligible to
be appointed to the Panel of Reviewers subject to the following provisions:
a. The person must have successfully passed an interview process conducted by the
Practice Review Committee and subsequently been recommended to the
Registrar by the Practice Review Committee to be appointed to the Panel of
Reviewers. b. A person shall not be a member of the Panel of Reviewers and the Investigation
and Disciplinary Committees as well as the Disciplinary Appeal Board at the same
time. c. A person currently under investigation by the Institute’s Investigation Committee
is not eligible to be appointed to be a member of the said Panel of Reviewers. An
existing panel member who has become the subject of an investigation by the
Institute’s Investigation Committee must resign from the Panel of Reviewers
upon notification of commencement of investigation. d. Each member of the Panel of Reviewers except for those who have retired from
public practice, must undergo the process of practice review within a year of his
or her first appointment to the panel. Although member firms are selected on a
random basis, the person who sits on the Panel of Reviewers shall volunteer his
or her firm for the practice review within six (6) months after the expiry of the
first year of his or her appointment to the Panel of Reviewers should his or he...
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This document was uploaded on 09/23/2013.
- Fall '13