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TITLE: Revised By-Laws (On Professional Ethics, Conduct and Practice) of The Malaysian Institute of Accountants

DATE: 12/06/2019

12 June 2019
Circular No. MF12/2019

TO ALL MEMBER FIRMS

REVISED BY-LAWS (ON PROFESSIONAL ETHICS, CONDUCT AND PRACTICE) OF THE MALAYSIAN INSTITUTE OF ACCOUNTANTS

On 30 May 2019, the Council of the Insitute approved the Revised MIA By-Laws (On Professional Ethics, Conduct and Practice) to replace the current ‘Part A - By-Laws on Professional Ethics’.

The Revised MIA By-Laws (On Professional Ethics, Conduct and Practice) have the following effective dates:

Part Effective Date
Parts 1, 2 and 3 As of 15 June 2019
Part 4A Relating to independence for audit and review engagements will be effective for audits and reviews of financial statements for periods beginning on or after 15 June 2019.
Part 4B Relating to independence for assurance engagements with respect to subject matter covering a period will be effective for periods beginning on or after 15 June 2019; otherwise, it will be effective as of 15 June 2019.

Note: Long Association Provisions

The effective date of the restructured MIA By-Laws does not override the effective date of the revised Long Association provisions in extant Section 290 which are as follows:

a) Subject to the transitional provision in (b) below, paragraphs 290.515 to 290.535 are effective for audits of financial statements for periods beginning on or after 15 December 2018.
b) Paragraph 290.530 shall have effect only for audits of financial statements for periods beginning prior to 15 December 2023. This will facilitate the transition to the required cooling-off period of five consecutive years for engagement partners in those jurisdictions where legislative body or regulator (or organisation authorised or recognised by such legislative body or regulator) has specified a cooling-off period of less than five consecutive years.

The Revised MIA By-Laws (On Professional Ethics, Conduct and Practice) are an adoption of the revised and restructured International Code of Ethics for Professional Accountants (including International Independence Standards) issued by International Ethics Standards Board for Accountants (“IESBA”) with certain localisation provisions.

The Revised MIA By-Laws (On Professional Ethics, Conduct and Practice) approved by the Council have been uploaded to the Institute’s website. Members can download a copy at https://www.mia.org.my/v2/ppt/ethics/ethics.aspx.

For videos on The Revised MIA By-Laws (On Professional Ethics, Conduct and Practice), refer to:

In Brief – IESBA Revised Code of Ethics for Professional Accountants with Ravi Navaratnam, Chair of Ethics Standards Board, MIA and Simon Tay, Executive Director, MIA at https://www.youtube.com/watch?v=--ebMYdDa7E
Key Changes to the IESBA Revised Code of Ethics for Professional Accountants with Tan Khoon Yeow, Member of MIA Ethics Standards Board & Project Leader – Localisation of the International Ethics Code and Simon Tay, Executive Director, MIA at https://www.youtube.com/watch?time_continue=2&v=koOWRrTAHKA

Please be guided accordingly.

DR. NURMAZILAH DATO' MAHZAN
Chief Executive Officer