Please enable JavaScript.
Coggle requires JavaScript to display documents.
MIA BY LAWS ON PROFESSIONAL ETHICS, CONDUCT AND PRACTICE - Coggle Diagram
MIA BY LAWS ON PROFESSIONAL ETHICS, CONDUCT AND PRACTICE
Client acceptance for professional appointments (section 320)
whether it will create threat to compliance with fundamental principles
whether there are any client issues that would threaten compliance of fundamental principles
Safeguard for engagement acceptance
acquire knowledge of relevant industries
obtain experience with regulatory and reporting requirements
acquire understanding of nature and complexity of client's business
assign sufficient staff with necessary competencies
use expert where necessary
comply with quality control policies and procedures
Fess and Other Types of Remuneration (Section 330)
factors that might create self-interest threats
overdue fee of an audit client
contingent fee
large portion of audit firm's total earning from one client
what should be take into account
level of training and experience of person necessarily engaged on the work
degree pf responsibility and urgency that the work entails
skills and knowledge require
time necessarily occupied by each persond
Inducements include gifts and hospitality (section 340)
forms of inducements
ntertainment
political or charitable donationsa
hospitalitye
appeals to friendship and loyalty
gifts
preferential treatment, rights or privileges
safeguards in accepting inducements
have appropriate reviewer
reimbursing cost of inducement
being transparent with senior management or with client
return the inducement after it was initially accepted
Custody of Client Assets (section 350)
procedures
make inquiries about source of assets
consider related legal and regulatory obligations
what accountants should do
keep assets separately from personal or firm assets
use asstes for the purpose for which they are intended
comply with laws and regulations
be ready at all times to account for the assets, income, dividends or gains generated
Responding to non-compliance with laws and regulations (section 360)
how to address
deter the commission where it has not yet occurred
disclose the matter to an appropriate authority
rectify, remediate or mitigate the consequences
examples
fraud, corruption and bribery
data protection
public health and safety
environmental protection
Applying the conceptual framework to independence for audit and review engagements (section 400)
independence of mind
independence in appearance