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All member firms selected will be codified so as to ensure the identities of the firms concerned
Amended 25 January 2007; With effect from 25 January 2007
Notification – Selection of Reviewers by the Registrar
A member firm will be notified in writing about an impending practice review and will be
informed of the assigned reviewer – either a reviewer who is a staff of the Institute or a person
appointed from the Panel of Reviewers.
• Notification - Enclosure of Questionnaire
A Questionnaire will be sent to the member firm for completion together with the notification of
Return of completed Questionnaire 167 By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants
[Issued January 2007] APPENDICES
The member firm should complete and return the Questionnaire within one (1) month of
receipt. The information will be used for the planning of the review.
In addition, member firms are required to prepare a complete list of their audit clients, suitably
arranged if desired, and to provide any other information the reviewer considers necessary to
facilitate the selection of a sample of audit engagements, representative of the member firm’s
client portfolio, for review.
Confirmation of visit
In consultation with the member firm, a date will be set for the on-site review to be carried
out. Flexibility will be permitted to ensure that members in public practice are not
inconvenienced at especially busy periods. The on-site review date will be arranged by mutual
consent such that the review will be held within four (4) months of notification. Further
extension beyond four (4) months will be at the sole discretion of the reviewer.
It is estimated that at least a full day will be needed to complete an on-site review for a member
firm of a smaller size. However, this is based on the assumption that the member firm concerned
has made all the necessary information and documentation available to the reviewer for his review.
Reviews of larger firms may take longer to complete.
An initial meeting will be held between the reviewer and a partner of the member firm
designated to deal with the review (designated partner). The primary purpose of this meeting
is to confirm the accuracy of the responses given on the Questionnaire. The description of the
system in the Questionnaire may not fully explain all the relevant procedures and policies
adopted by the member firm and this initial meeting can provide additional information. The
reviewer should have a full understanding of the system and be able to form a preliminary
evaluation of its adequacy at the conclusion of the meeting.
Larger firms which have extensive documentation regarding their practice and procedures (i.e.
formal office procedures manuals and audit manuals) will find it unnecessary to document all
the controls and will just cross reference the Questionnaire to the relevant sections of...
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This document was uploaded on 09/23/2013.
- Fall '13