Reviews to determine whether professional standards

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Unformatted text preview: (2) 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 APPENDIX VII 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.

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