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not more than half of them shall also be members of the Council.
Amended 25 January 2007; With effect from 25 January 2007 b. All the members of the Practice Review Committee shall be members of the Institute
and a majority of them must hold a valid practising certificate and an audit licence
currently in force. c. A person shall not be a member of the Practice Review Committee and the
Investigation and Disciplinary Committees as well as the Disciplinary Appeal Board at
the same time. d. The quorum for any meeting of the Practice Review Committee shall not be less than
half of the total number of members of the Practice Review Committee for the time
being. e. The Practice Review Committee may appoint sub-committees of its members and may
delegate to any such sub-committee, with or without restrictions, any of its functions
or powers except the power to make a complaint against a member in public practice
or a member firm to the Investigation Committee. 157 By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants
[Issued January 2007] APPENDICES
f. Members of the Practice Review Committee are not eligible to be appointed to the
Panel of Reviewers and vice-versa. g. The Chairman of the Practice Review Committee shall be a Council Member. of the
Institute with a valid practising certificate and audit licence.
Deleted 26 August 2007; With effect from 15 July 2007 h. Subject to the provisions, if any, under the Accountants Act, 1967 and any directions
issued by the Council from time to time including those contained in this Statement
and supporting appendices, the Practice Review Committee or any sub-committee
thereof may regulate its own procedures and processes as it thinks fit.
Directions of Council
Professional standards 11. The Council has from time to time, issued or specified the professional standards which are
to be maintained, observed and applied by members in public practice who offer, among
others, audit services. These professional standards form the subject matter of the
Institute’s practice review programme as herein contained. Practice review however, does
not seek to redefine the scope and authority of these professional standards but rather
seeks to enforce them within the parameters so specified. For the time being and for the
purposes of this Statement, the professional standards which will be examined under
practice review are as follows:
a. all standards and statements of professional conduct and ethics in the form of the
Institute’s By-Laws in issue from time to time, in so much as these ethical
standards and statements relate to the conduct of audit engagements and/or that
of the member firm; b. all standards and statements of accounting in the form of the approved standards
and pronouncements issued by the Malaysian Accounting Standards Board (MASB)
from time to time in so far as significant departures therefrom may affect the
requirement for financial statements to give a...
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This document was uploaded on 09/23/2013.
- Fall '13