What is an ‘Assurance Engagement’?
The International Auditing and Assurance Standards Board (IAASB) defines assurance engagements in the International Framework for Assurance Engagements as follows: “An engagement in which a practitioner expresses a conclusion designed to enhance the degree of confidence of the intended users other than the responsible party about the outcome of the evaluation or measurement of a […]
What does an Auditor have to think about before accepting an appointment as Auditor
One of the most critical components of professional competence is ensuring that a Professional Accountant, including an auditor, does not agree to function in a capacity they do not have the necessary level of professional competence to carry out. This principle should be adhered to by all professional accountants, regardless of whether they perform their […]
What gives rise to a threat to an Auditor’s Independence and Objectivity, and how to deal with it?
Professional accountants and auditors must comply with a Code of Ethics (such as the IESBA’s Code of Ethics for Professional Accountants) (the Code). Many professional bodies worldwide have adopted the IESBA’s Code and made certain amendments to it to be country-specific. But, for the most part, the IESBA Code applies to most professional bodies and […]
What are the Fundamental Principles of Professional Ethics?
The ethical conduct of professional accountants and auditors is controlled by a set of criteria they must conform to. Auditors have a direct responsibility to the shareholders of a reporting entity (because auditors are appointed by the shareholders, not by management), but it is generally accepted that the fundamental principles of professional ethics do not […]
Who can be an Auditor and sign the Auditor’s Report?
Certain Information Taken from MIA’s Website [https://mia.org.my/] In Malaysia, only an approved company auditor can be appointed as a company auditor. To act as an approved company auditor, the individuals signing the auditor’s report must be a member of a professional regulatory body (Malaysian Institute of Accountants) with a practising certificate who has passed an […]
The ISAs that affected by the Clarity Project
Continued from the previous post: The Clarity Project [https://lnkd.in/giptfb7k] ISA 260 Communication with Those Charged with Governance This clarified ISA emphasises the importance of effective two-way communication between the auditor and those charged with governance of the entity. Where the auditor encounters significant difficulty during the course of an audit, the auditor is required to […]
The Clarity Project
The International Accounting Standards Board (IAASB) initiated a campaign in 2004 to improve the clarity (readability) of the ISAs. This Clarity Project’s overarching objective was to make the ISAs more understandable, which would, in turn, make it easier to apply the standards consistently and lead to an improvement in the overall audit quality on a […]
A “Day” for a shift worker is a continuous period of 24 hours beginning at any Point in Time
Palmex Industries Sdn. Bhd. v. Public Prosecutor [1989] Section 60C of the Employment Act 1955 states as follows: 60C. Shift Work (1) Notwithstanding s. 60A(1)(b) and (d) but subject to subsection (1)(a) thereof, an employee who is engaged under his contract of service in shift work may be required by his employer to work more […]
The Determination of the Special Commissioners is not open to Criticism
International Investment Ltd v. Comptroller-General of Inland Revenue Malaysia Privy Council Diplock J, Viscount Dilhorne J, Fraser J, Keith J, Sir Robin Cooke J [Appeal No. 20 Of 1976] 19 June 1978 Viscount Dilhorne J: (delivering the judgement of the Board) The issue raised in this appeal is whether the Special Commissioners of Income Tax […]
The Leading Case on the Roles of Tribunal and Courts
Edwards v Bairstow and Harrison [1955] The appellate court generally recognises the special position of the Special Commissioners appointed under s. 98 of the Income Tax Act 1967. The Special Commissioners are expected to be specialised in the scope of the adjudication process they are entrusted with under the Act. If the High Court could […]
