Work for the client 130 by laws on professional ethics

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Unformatted text preview: ursuant to the Council’s Statement on Practice Review in Appendix VII to these by-laws. 550.7 The Practice Review programme is conducted by the Institute through its Practice Review Committee in accordance with the Council’s Statement on Practice Review in Appendix VII to these by-laws, any other directions issued by the Council from time to time and in accordance with any other procedures and processes as may be determined by the Practice Review Committee. 550.8 Each member in public practice and/or the member’s firm should comply with the requirements contained in the Council’s Statement on Practice Review in Appendix VII to these by-laws, any other directions issued by Council from time to time and with any other procedures or requirements imposed by the Practice Review Committee for the purposes of carrying out the practice review pertaining to that member’s firm. 550.9 The Practice Review programme will be conducted over a cycle of not more than five (5) years or such other period as determined by the Council in respect of member firms which are selected at random from the Institute’s records. 550.10 This section, unless otherwise determined by the Council, only operates in respect of members in public practice and/or member firms who provide among others, audit services. Practice Review Fees 550.11 (1) Each member in public practice and/or the member’s firm is required to settle in full, the fees if any, in respect of the practice review conducted pertaining to that firm including any interim fees, as may be charged and determined by the Practice Review Committee for that firm. Such fees are due and payable within 30 days of the date of the invoice raised for this purpose. 132 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 550.12 The fees, if any, that are charged for the practice review are based on hourly rates as approved by the Council on the recommendation of the Practice Review Committee. Such fees are in respect of the time involved in the planning, execution and reporting of the practice review. 133 By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants [Issued January 2007] TRANSITIONAL PROVISIONS The Institute’s By-Laws (On Professional Conduct and Ethics) [Revised January 2002] and amended from time to time, continue to operate as follows: 1. By-Law A-4 – continues to apply to those members whose CPE cycle commenced on 1 January 2004 and ends on 31 December 2006. 2. By-Law A-4 [inserted 28 January 2005] - continues to apply to those members whose CPE cycles are as follows: (a) 1 January 2005 – 31 December 2007 (b) 1 January 2006 – 31 December 2008 3. By-Law B-1 – continues to apply to assurance engagements for which the financial period commenced on or before 1 July 2004 4. By-Law B-1 [inserted 28 May 2004] – continues to apply to assuranc...
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This document was uploaded on 09/23/2013.

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