Annual Report 2011 - The Malaysian Institute Of Certified Public ...

28President’s Statementtechnical activitiesThe Institute’s work programme includes technical activities as a core component. In this regard, it is imperative that weconsistently maintain high professional and technical standards in order to continuously uphold public confidence in the workperformed by our members. To this end, the Institute supports its members by providing guidance on the discharge of theirreporting responsibilities under the various laws and regulations.In auditing, pronouncements issued by the InternationalAuditing and Assurance Standards Board (IAASB) of theInternational Federation of Accountants (IFAC), which includethe International Standard on Quality Control (ISQC),International Standards on Auditing (ISAs), InternationalStandards on Assurance Engagements (ISAEs), InternationalStandards on Review Engagements (ISREs) and InternationalStandards on Related Services (ISRSs), are regularly reviewedby the Institute. The Institute has, through due process,adopted substantially all the standards and other guidanceissued by the IAASB to date. These standards and guidance aresubsequently issued to members for compliance.In financial reporting and accounting, the Institute participatesin the Malaysian Accounting Standards Board’s (MASB)standard-setting process. During the consultation process, theInstitute presents its views on proposed new standards anddiscussion documents. Where interpretation issues areencountered, the Institute makes representations to MASB.Members of the Institute are expected to comply with thestandards issued by MASB.The Institute works closely with the Malaysian Institute ofAccountants (MIA) in the course of carrying out its technicalactivities. The Institute also participates and contributes inMIA’s Financial Reporting Standards ImplementationCommittee (FRSIC). This Committee provides assistance onpotential implementation issues, gray areas and matters ofcommon interest relating to the Malaysian Financial ReportingStandards (MFRS) or Financial Reporting Standards (FRS) orprovisions of companies’ legislation in Malaysia, particularlywhere unsatisfactory or conflicting interpretations havedeveloped or seem likely to develop. A FRSIC consensus whichserves as an implementation guidance is issued after dueprocess, and should be regarded as best practice and read inconjunction with the MFRS or FRS.A sizable number of members of the Institute are engaged in specialist areas of practice, which include taxation, insolvency andcorporate advisory services. The Institute closely monitors legislation and regulations for any changes that could potentially havean impact on members’ work in these areas. Technical updates and guidance are then promptly issued to assist these members inthe effective fulfilment of their responsibilities.