The Auditors Code of Ethics serves as the foundational document governing professional conduct and ethical responsibilities for auditors practicing in Malaysia. This code is essential for maintaining high professional standards and public trust in the audit profession, while ensuring compliance with both local and international requirements. It reflects the requirements of the Malaysian Institute of Accountants (MIA), the Companies Act 2016, and international ethical standards, while considering unique aspects of the Malaysian business environment, including Islamic finance principles. The code should be referenced when making professional judgments, accepting engagements, dealing with conflicts of interest, and maintaining independence in audit relationships.
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1. Introduction and Scope: Purpose of the code, its authority, and applicability to different categories of auditors in Malaysia
2. Fundamental Principles: Core ethical principles including integrity, objectivity, professional competence and due care, confidentiality, and professional behavior
3. Independence Requirements: Detailed requirements for maintaining independence, including financial, business, and personal relationships
4. Professional Competence: Requirements for maintaining professional knowledge, skills, and continuing professional development
5. Client and Engagement Acceptance: Ethical considerations in accepting and continuing client relationships and specific engagements
6. Conflicts of Interest: Identifying, evaluating, and addressing conflicts of interest
7. Confidentiality and Data Protection: Requirements for maintaining confidentiality of client information and compliance with data protection laws
8. Quality Control: Ethical aspects of maintaining quality control in audit engagements
9. Communication with Those Charged with Governance: Ethical considerations in communications with clients' management and governance bodies
10. Documentation Requirements: Requirements for documenting ethical considerations and decisions
11. Reporting of Non-Compliance: Obligations and procedures for reporting ethical violations and non-compliance with laws and regulations
1. Public Sector Considerations: Additional ethical requirements specific to auditors working in the public sector
2. Group Audit Considerations: Specific ethical considerations for group audits and working with component auditors
3. Small and Medium Practice Considerations: Practical application of the code for smaller practices
4. Islamic Finance Considerations: Specific ethical considerations when dealing with Islamic financial institutions and Shariah-compliant products
5. Cross-Border Activities: Additional considerations for auditors working across jurisdictions
6. Consulting Services: Ethical considerations when providing non-audit services
1. Appendix A: Independence Scenarios: Practical examples and guidance on common independence scenarios and their resolution
2. Appendix B: Conflict Resolution Framework: Detailed framework for resolving ethical conflicts and making ethical decisions
3. Appendix C: Documentation Templates: Standard templates for documenting ethical considerations and decisions
4. Appendix D: Reference to Relevant Laws and Regulations: Compilation of relevant sections from Malaysian laws and regulations affecting auditor ethics
5. Appendix E: Frequently Asked Questions: Common ethical scenarios and their recommended resolution
6. Schedule 1: Definitions: Detailed definitions of technical terms and concepts used in the code
7. Schedule 2: Independence Requirements Checklist: Practical checklist for evaluating independence requirements
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