Of the practice review committee to oversee the

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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 APPENDIX VII 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.

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