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Unformatted text preview: om a client to the professional accountant in public practice or firm for professional work done for that client provided that: (i) the client has been informed in writing, and has not disagreed, that money held or received for the client will be so applied; and (ii) a bill has been rendered; (b) (c) 5. to cover disbursements made on the client's behalf; or to or on the instructions of the client. Money held by a professional accountant in public practice as stakeholder is regarded as clients' money and should be paid into a separate bank account maintained for the purpose or into a client account. 140 By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants [Issued January 2007] APPENDICES APPENDIX III 6. Records should be maintained by the professional accountant in public practice or the firm so as to show clearly the money received, held or paid on account of clients, and the details of any other money dealt with by the professional accountant in public practice or the firm through a client account, clearly distinguishing the money of each client from the money of any other client and from the money of the professional accountant in public practice or that of the firm. 141 By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants [Issued January 2007] APPENDICES APPENDIX IV Transitional Provisions and Interpretation for Section 290 Section 290 Transitional Provisions These transitional provisions are directed towards specific paragraphs in section 290 which were originally issued on 1 July 2004. The transitional provisions therefore relate to the independence requirements that were implemented by the Institute with effect from 1 July 2004 for assurance engagements for which the financial period commences on or after this date, unless stated otherwise. Transitional Provision 290-01 The provision of non-assurance services to assurance clients Part I of the By-Laws addresses the issue of the provision of non-assurance services to assurance clients in paragraphs 290.158 – 290.205 inclusive. The Council has concluded that it is appropriate to allow a transitional period of one year, during which existing contracts to provide non assurance services for assurance clients may be completed if additional safeguards are put in place to reduce any threat to independence to an insignificant level. This transitional period commences with effect from 1 July 2004 for assurance engagements for which the financial period commences on or after this date. Transitional Provision 290-02 Engagement partner rotation for audit clients that are listed entities Part I of the By-Laws addresses the issue of engagement partner rotation for financial statement audit clients that are listed entities in paragraphs 290.154–290.157. The paragraphs state that in the financial statement audit of a listed entity the engagement partner should be rotated after serving in that capacity for a pre-defined per...
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