The institute in accordance with the act as a

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Unformatted text preview: 9 of the Malaysian Institute of Accountants (Membership and Council) Rules 2001. (This definition is narrower than the definition of professional accountants in public practice below, as it is confined to those members providing public practice services who hold valid practising certificates.) (xxxii) member firm A sole proprietor or partnership of professional accountants who are members of the Institute and which is established pursuant to section 500 herein. (xxxiii) network A larger structure: (a) That is aimed at co-operation, and (b) That is clearly aimed at profit or cost sharing or shares common ownership, control or management, common quality control policies and procedures, common business strategy, the use of common brand-name, or a significant part of professional resources. (Inserted 25 May 2007; With effect from 31 December 2008 for assurance reports dated on or after this date) (xxxiv) network firm An entity under common control, ownership or management with the firm or any entity that a reasonable and informed third party having knowledge of all relevant information would reasonably conclude as being part of the firm nationally or internationally. network firm A firm or entity that belongs to a network. (Inserted 25 May 2007; With effect from 31 December 2008 for assurance reports dated on or after this date) (xxxv) office A distinct sub-group, whether geographical or practice lines. organized on 8 By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants [Issued January 2007] DEFINITIONS (xxxvi) professional accountant A member of the Institute. (xxxvii) professional accountant in business A professional accountant employed or engaged in an executive or non-executive capacity in such areas as commerce, industry, service, the public sector, education, the not for profit sector, regulatory bodies or professional bodies, or a professional accountant contracted by such entities. (xxxviii) professional accountant in public practice A professional accountant, irrespective of functional classification (e.g., audit, tax or consulting) in a firm that provides public practice services. This term is also used to refer to a firm of professional accountants in public practice. (xxxix) professional services Services requiring accountancy or related performed by a professional accountant. (xl) public interest entity An entity which is of significant public interest because, as a result of the type of business, size or corporate status, that entity has a wide range of stakeholders. Such entities possess certain authority or enjoy a particular position in society where public accountability can be deemed to exist wherein it is likely that there may be sufficient stakeholders who base their resource allocation decisions upon their knowledge of such entities. Such entities include listed entities, non-listed public companies falling within the purview of the regulatory authorities such as the Securities Commission or Bank...
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This document was uploaded on 09/23/2013.

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