Practice Review Committee

The Practice Review Committee (PRC) works together with member firms in conducting practice reviews to determine whether professional standards have been maintained, observed and applied. In promoting quality assurance and raising standards, the PRC emphasizes awareness and provides guidance on application and compliance issues as well as recommendations for the cultivation of best auditing practices. The PRC in broad terms, aims to fulfill the expectations of the business community, the public and the government by diligently building confidence and elevating trust in the accountancy profession in Malaysia. Chairman:
Johan Idris

Members:
Ahmad Zahirudin Abdul Rahim
Devanesan Evanson
Peter Ho Kok Wai
Ooi Chee Kun
Eric Ooi Lip Aun
David Siew Kah Toong
Subramaniam A V Sankar

1. Objectives

The primary objective of the Practice Review Committee is to ensure that the practice review programme of the Institute is carried out in accordance to the objectives of practice review which are set-out in Section 550 of the By-Law of the Institute.

2. Accountability

The Committee will report to the Council of the Institute.

3. Scope and Authority

The Committee has authority, within the scope of its responsibilities, to:

i)	Oversee the implementation of the practice review programme.
ii)	Consider and approve the review report as presented by the secretariat practice review department.
iii)	Provide guidance to the secretariat practice review department and address any concern which may arise in relation to the implementation of the practice review programme.
iv)	Appoint sub-committees and may delegate to any such sub-committee, with or without restrictions, any of its functions or powers except for the power to make a complaint against a member in public practice or a member firm to the Investigation Committee.

4. Term of Office

	a) Composition
	i) The PRC shall consist of not less than eight (8) members as determined by the Council, of whom, not more than half are members of the Council. ii) All PRC members must be members of the Institute and a majority must hold a valid practising certificate and an audit licence currently in force. iii) Members of PRC shall not be a member of Investigation and Disciplinary Committees as well as the Disciplinary Appeal Board at the same time. iv) The Chairman of the PRC shall be a Council member
	b) Quorum
	Quorum for any PRC meeting shall be not less than half of the total number of members of PRC for the time being.
	c) Meetings
	The Committee shall meet at least 4 times in any financial year of the Institute.