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Code of Professional Conduct and Ethics

General

1. For the purpose of carrying into effect the provisions of the Memorandum and Articles of Association and bye-laws of the Institute, and without prejudice to the generality of the foregoing, with particular reference to Clause 3(c), (d), (e) and (t) of the Memorandum of Association, Articles 22(1)(c) and (d) and 27(i) of the Articles of Association and bye-law 27, the Council hereby makes the following regulations which shall be referred to as "the Code of Professional Conduct and Ethics" or "the Code".
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Introduction

2. Members of the Institute are required to maintain high standards of professional conduct. The Institute's Code of Professional Conduct and Ethics sets out the ethical requirements for relationship with clients, employers, fellow members and the public generally.
3. The Code sets out the minimum ethical requirements which the Council considers appropriate to the profession in general and to the members in particular. Accordingly, it is expected that members will at all times maintain a level of professionalism in excess of such minimum requirements.
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Format of the Code

4. The ethical requirements of the Institute are set out in two sections, one comprising the Fundamental Principles and the other the Professional Statements.
5. The Fundamental Principles are drawn from the duties owed by members of the professions, whether in practice or not , and from the requirements of the Institute's Memorandum and Articles of Association. They are framed in broad and general terms and constitute basic advice on professional behaviour.
6. The Professional Statements provide more detailed requirements in certain circumstances. However, they are by no means intended to limit the generality of the Fundamental Principles.
7. It is mandatory for all members of the Institute, whether in public practice or not, to comply with this Code. For example, a member who is finance director of a company should, in advising his board on professional matters, be governed by the same high standards of professional behaviour as would a member in practice consulted by the board. A member who fails to observe the ethical requirements set out in this Code may be liable to disciplinary action as provided in Article 22 of the Institute's Articles of Association.
8. A member who is also member of another professional body or bodies is normally obliged to observe the ethical requirements of that body or bodies at the same time. Where conflict between the ethical requirements of such other body or bodies and those of the Institute exists, the member should comply with the stricter requirements.
9. When a member is in practice overseas in a country in which the professional is regulated by a reputable body or by law, he may adhere to the local guidance even though to do so may not be in accordance with the ethical requirements of the Institute. If a member is in practice in a country in which the profession is not so regulated then he should be guided by the Institute's ethical requirements unless well established and generally accepted local practice of the profession is to the contrary.
10. A member who is in doubt as to his ethical standing, and who cannot resolve this doubt by reference to his Code, should consult the Institute.
11. A provisional member or a registered student of the Institute is also bound by the ethical requirements of the Institute and has the same right to consult the Institute as has a member.
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Interpretation

12. The expression "member" unless the context otherwise requires, includes a firm through which a member acts or performs his professional functions. It also includes a provisional member and a registered student of the Institute, whereever the context does not logically exclude them.
13. Unless repugnant to the context, words and expressions used here shall have the same meanings as in the Memorandum and Articles of Association of The Malaysian Institute of Certified Public Accountants.
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Effective Date

14. The Council of the Institute has resolved that this Code replaces the Institute's Statement on Professional Conduct and Ethics issued in July 1982 and shall become effective from December 1, 1991.