Professional Liability

Exposure Draft on the Revised and Restructured By-Laws (On Professional Ethics Conduct and Practice) of the Malaysian Institute of Accountants

Date: 27 March 2019; Type: Circular; Source: Malaysian Institute of Accountants

This is to notify that the Exposure Draft on the revised and restructured By-Laws (on Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants ("revised By-Laws") is now available for comment by members, regulatory bodies and other interested parties. These By-Laws will replace Part 1 of the existing By-Laws on Professional Ethics and Part 2 of the By-Laws on Professional Conduct and Practice will not be affected by this Exposure Draft. Circular No. 36/2019


To: All Accountants

In 2018, the International Federation of Accountants ("IFAC"), of which the Institute is a member body, issued a revised Code of Ethics for Professional Accountants with an effective date of 15 June 2019. The IFAC Code of Ethics sets out the fundamental principles of professional ethics for professional accountants and a conceptual framework for applying these principles. The IFAC Code of Ethics serves as the international benchmark for professional ethical standards. As a member body of the IFAC, the Institute is required to adopt and apply the same insofar as these standards are not inconsistent with national laws and requirements.

The Institute is pleased to release the Exposure Draft on the revised and restructured By-Laws (on Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants ("revised By-Laws") for comment by members, regulatory bodies and other interested parties. These By-Laws will replace Part 1 of the existing By-Laws on Professional Ethics. Part 2 of the By-Laws on Professional Conduct and Practice will not be affected by this Exposure Draft.

The Exposure Draft is drawn from the pronouncement issued by the International Ethics Standards Board for Accountants ("IESBA") of the IFAC. It includes substantive revisions and is completely rewritten under a new structure and drafting convention. The key revisions include:

Revised "safeguards" provisions better aligned to threats to compliance with the fundamental principles;

New and revised sections dedicated to professional accountants in business (PAIBs) relating to:

Preparing and presenting information; and

Pressure to breach the fundamental principles.

Clear guidance for accountants in public practice that relevant PAIB provisions are applicable to them;

New guidance to emphasize the importance of understanding facts and circumstances when exercising professional judgement; and

New guidance to explain how compliance with the fundamental principles supports the exercise of professional scepticism in an audit or other assurance engagements.

 

 

Deadline for comment

ED on Revised and Restructured By-Laws/2019

Revised and Restructured By-Laws

ED on Revised and Restructured By-Laws/2019

26 April 2019

Appendix 1

Summary of local requirements

Summary of local requirements/2019

26 April 2019

Appendix 2

Proposed structural changes to the existing By-Laws

Proposed structural changes to the existing By-Laws

26 April 2019


Comments may refer to any specific paragraphs or group of paragraphs and suggestions for alternative solution or wording with supporting reasons. These comments will be collated and, where appropriate, incorporated into the proposed standard before being issued in the form of the Malaysian Institute of Accountants By-Laws (On Professional Ethics, Conduct and Practice).

Comments should be submitted in writing by the stated deadline and addressed to:

The Secretariat
Ethics Standards Board
Dewan Akauntan
Unit 33-01, Level 33,
Tower A, The Vertical,
Avenue 3, Bangsar South City,
No. 8, Jalan Kerinchi,
59200 Kuala Lumpur, Malaysia

Tel: 03 2722 9000
Fax: 03 2722 9100

Email: [email protected]
Website address: http://www.mia.org.my

Please be guided accordingly.


DR. NURMAZILAH DATO' MAHZAN

Chief Executive Officer

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