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Unformatted text preview: al accountants should be honest and truthful and should not:
(a) make exaggerated claims for the services they are able to offer, the
qualifications they possess, or experience they have gained; or (b) make disparaging references or unsubstantiated comparisons to the work
of others. 24 By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants
[Issued January 2007] PART I: BY-LAWS ON PROFESSIONAL ETHICS PART B: PROFESSIONAL ACCOUNTANTS IN PUBLIC PRACTICE Section 200 Introduction Section 210 Professional Appointment Section 220 Conflicts of Interest Section 230 Second Opinions Section 240 Fees and Other Types of Remuneration Section 250 Marketing Public Practice Services Section 260 Gifts and Hospitality Section 270 Custody of Client Assets Section 280 Objectivity–All Services Section 290 Independence–Assurance Engagements 25 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 200 Introduction Introduction
200.1 Part B illustrates how the conceptual framework contained in Part A is to be
applied by professional accountants in public practice. The examples in the
following sections are not intended to be, nor should they be interpreted as, an
exhaustive list of all circumstances experienced by a professional accountant in
public practice that may create threats to compliance with the principles.
Consequently, it is not sufficient for a professional accountant in public practice
merely to comply with the examples presented; rather, the framework should be
applied to the particular circumstances faced. 200.2 A professional accountant in public practice should not engage in any business,
occupation or activity that impairs or might impair integrity, objectivity or the
good reputation of the profession and as a result would be incompatible with the
rendering of professional services. Threats and Safeguards 200.3 (1) Compliance with the fundamental principles may potentially be threatened
by a broad range of circumstances. Many threats fall into the following
(a) Self-interest; (b) Self-review; (c) Advocacy; (d) Familiarity; and (e) Intimidation. These threats are discussed further in Part A.
(2) 200.4 The nature and significance of the threats may differ depending on
whether they arise in relation to the provision of services to a financial
statement audit client, a non-financial statement audit assurance client or
a non-assurance client. Examples of circumstances that may create self-interest threats
professional accountant in public practice include, but are not limited to:
(a) for a A financial interest in a client or jointly holding a financial interest with a
client. 26 By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants
[Issued January 2007] PART I: BY-LAWS ON PROFESSIONAL ETHICS (b)
(c) Having a close business relationship with a client. (d) C...
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This document was uploaded on 09/23/2013.
- Fall '13