Relevant possibilities the ethical conflict remains

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Unformatted text preview: and truthfulness. 110.2 A professional accountant should not prepare, attest, certify or otherwise be associated with reports, returns, communications or other information where the professional accountant believes that the information: (a) (b) Contains statements or information furnished recklessly; or (c) 110.3 Contains a materially false or misleading statement; Omits or obscures information required to be included where such omission or obscurity would be misleading. A professional accountant will not be considered to be in breach of paragraph 110.2 if the professional accountant provides a modified report in respect of a matter contained in paragraph 110.2. 19 By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants [Issued January 2007] PART I: BY-LAWS ON PROFESSIONAL ETHICS Section 120 Objectivity Objectivity 120.1 The principle of objectivity imposes an obligation on all professional accountants not to compromise their professional or business judgment because of bias, conflict of interest or the undue influence of others. 120.2 A professional accountant may be exposed to situations that may impair objectivity. It is impracticable to define and prescribe all such situations. Relationships that bias or unduly influence the professional judgment of the professional should be avoided. 20 By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants [Issued January 2007] PART I: BY-LAWS ON PROFESSIONAL ETHICS Section 130 Professional Competence and Due Care Professional Competence and Due Care 130.1 The principle of professional competence and due care imposes the following obligations on professional accountants: (a) (b) 130.2 To maintain professional knowledge and skill at the level required to ensure that clients or employers receive competent professional service; and To act diligently in accordance with applicable technical and professional standards when providing professional services. Competent professional service requires the exercise of sound judgment in applying professional knowledge and skill in the performance of such service. Professional competence may be divided into two separate phases: (a) Attainment of professional competence; and (b) Maintenance of professional competence. 130.3 The maintenance of professional competence requires a continuing awareness and an understanding of relevant technical professional and business developments. Continuing professional education develops and maintains the capabilities that enable a professional accountant to perform competently within the professional environments. 130.4 Due care and diligence encompasses the responsibility to act in accordance with the requirements of an assignment, carefully, thoroughly and on a timely basis. 130.5 A professional accountant should take steps to ensure that those working under the professional accountant’s authority in a professional capacity have appropriate training and supervision. 130.6 W...
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