To the malaysian institute of accountants

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Unformatted text preview: of the reason for which the Council has granted the exemption. 112 By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants [Issued January 2007] PART II: BY-LAWS ON PROFESSIONAL CONDUCT AND PRACTICE Section 410 Continuing Professional Education Continuing Professional Education 410.1 There are rapid changes to the knowledge and competencies that are required of professional accountants in order for them to discharge their professional obligations effectively and responsibly. Rapid developments by way of changes to legislation, accounting standards and guidelines, developments in technology, increased public expectations of the services of professional accountants, place increasing demands on the profession. Professional accountants face unprecedented scrutiny about the quality of internal control, governance, financial statements and independent audits. These pressures apply to professional accountants in both the private and public sectors. Professional accountants in all sectors have important contributions to make. Continued development of professional competence and lifelong learning are critical to meet these expectations. It is every professional accountant’s responsibility to ensure that the quality of professional service rendered is of high standard. 410.2 In order to maintain professional competence and to ensure the exercise of due care at all times, a professional accountant is required to fulfill the requirements of and participate in CPE learning activities that are relevant to his or her current and future work and professional responsibilities. CPE requirements are applicable to all professional accountants regardless of sector or size of business in which they operate, because: (a) All professional accountants have an ethical obligation of due care to their clients, employers and relevant stakeholders and need to demonstrate their ability to discharge this responsibility in a competent manner. (b) Professional accountants in all sectors hold positions of importance involving among others, financial reporting, public accountability and maintaining the public trust. (c) The public is likely to rely on the designation or professional standing of the professional accountant. Moreover, all professional accountants carry the professional designation and any lack of competence or ethical behaviour has the same consequences to the reputation and standing of the profession, irrespective of the sector or role in which they operate. (d) All sectors are affected by the rapidly changing environment and the consequential need to adapt the strategic or business plans of those organizations relying on the professional accountant’s professional competence. (e) Employers hiring professional accountants in any sector rely, at least to some extent, on the professional designation as proof of professional competence. 113 By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Acco...
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This document was uploaded on 09/23/2013.

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