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- MICPA Committees’ Terms of Reference
MICPA Committees’ Terms of Reference
| EXECUTIVE COMMITTEE |
1. To identify and implement plans of action on specific issues of current concern affecting members, the Institute and the accountancy profession. 2. To co-ordinate liaison with the Government on policies or any other matters pertaining to accounting and the profession. 3. To establish and supervise liaison committees with the Government, its Ministries or agencies in relation to Corporate Law. 4. To co-ordinate reviews of legislation or draft legislation as and where appropriate. 5. To be responsible for the smooth running of the Secretariat. 6. To be responsible for the preparation of the budgets and financial statements of the Institute. 7. To liaise with the Trustees of the MICPA Educational Trust Fund with regard to the maintenance of the Building and the administration of the Fund. |
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| ACCOUNTING & AUDITING TECHNICAL COMMITTEE |
1. To recommend the adoption of the International Auditing and Assurance Standards (“IAASB Standards”) and the International Code of Ethics for Professional Accountants (“IESBA Code of Ethics”) and provide guidance, if necessary, to support the implementation of the IAASB Standards and IESBA Code of Ethics for approval by the Council. 2. To review and respond to exposure drafts and other consultative documents pertaining to accounting, auditing, code of ethics and sustainability reporting, issued by:
(Note: Approval by the Council is required only if comments and responses to exposure drafts and consultative documents affect the changes to practices, laws and regulations in Malaysia.) 3. To review and provide guidance, if necessary, to support implementation of the financial and sustainability reporting requirements. |
| COMMERCE, INDUSTRY AND PUBLIC SECTOR COMMITTEE |
1. To ensure that the interests and views of members in commerce, industry and public sector are properly reflected in the Institute’s policies and activities. 2. To develop, in conjunction with other Committees of the Institute, such activities that are of interest to members in commerce, industry and public sector, particularly in relation to continuing professional development programmes in management accounting and other topics. 3. To develop the management accounting and reporting guidelines for recommendation to Council. 4. To provide a consultative platform for members in commerce, industry and public sector. 5. To co-ordinate liaison with local, regional and international bodies on all matters concerning management accounting and reporting. 6. To act as liaison for technology initiatives for professional accountants in business by collaborating with technology committees, task forces or experts within the Institute to advocate technology usage, explore collaboration with the relevant stakeholders and create awareness of technology trends affecting professional accountants in business. |
| COMMUNICATIONS AND EVENTS COMMITTEE |
1. To organise programmes to enhance and project the image of the Institute and the profession. 2. To coordinate and organise all public relations activities of the Institute. 3. To develop and maintain contacts with the media. 4. To foster better understanding, relationship and co-operation between the Institute, the Government and the financial and business communities. 5. To be responsible for publication of promotional materials, including the Institute’s Journal and press releases. |
| DISCIPLINARY COMMITTEE |
1. On receipt of a formal complaint, to inform the defendant of the Committee’s intention to consider the complaint and to hear the complaint. 2. Where the committee finds that a complaint has been proved, to take appropriate disciplinary action against the defendant which includes exclusion or suspension from membership in the case of a member and exclusion from the relevant register in the case of a registered student, censure, reprimand, admonishment or payment of a fine/costs. 3. To give notice of its finding and decision to the defendant. 4. To refer the complaint to the Council for a final decision if no unanimity is reached by the Committee. 5. To report all findings and decisions of the Committee to the Council for recording. |
| EDUCATION & TRAINING COMMITTEE |
1. To organise education and training programmes for students. 2. To plan and administer continuing professional development programmes for members. 3. To liaise with institutions of higher learning and other local and overseas professional organisations on matters pertaining to education and training. 4. To evaluate courses/qualifications referred to the Committee by the Membership Affairs Committee for the purpose of student registration and/or exemption from the Institute’s examinations. 5. To regularly review the Institute’s examination syllabus. 6. To develop and maintain a library to provide reference and research facilities for members and students. |
| EXAMINATION COMMITTEE |
1. With Council’s approval, to issue from time to time, regulations for the: (a) conduct of the examinations, and (b) eligibility of students to sit for the examinations. 2. To give notice in writing to all students when entry for examination is opened. 3. With Council’s approval, to appoint and remunerate examiners and moderators. 4. To recommend to Council the fees to be charged for the examinations. 5. To appoint and remunerate invigilators at each examination centre. 6. To consider reports of examiners and moderators and determine the examination results. 7. To notify students of their performance at the examinations. 8. To issue certificates to successful students at each examination. |
| FINANCIAL STATEMENTS REVIEW COMMITTEE |
1. To support and guide members on the disclosure requirements in the financial statements in accordance with the regulatory requirements and applicable approved accounting standards in Malaysia, aimed at upholding the standards of the accountancy profession and enhancing the quality of financial reporting of listed entities, by performing a review and assessment of the financial statements* of listed entities. 2. To produce circular, guidance or publication on the observations gathered from the review and assessment of the financial statements of listed entities. 3. To conduct outreach activities, as and when required, on matters in relation to the financial statements of listed entities in compliance with the regulatory requirements and the applicable approved accounting standards in Malaysia. * To be carried out by the review and assessment of financial statements of listed entities randomly selected by the Secretariat and approved by the Committee; referred by a person to the Committee; or submitted by members voluntarily. Thereafter, to highlight and share with members to any areas in which the presentation appears to fall short of such compliance with regulatory requirements and applicable approved accounting standards in Malaysia. May also raise observations on the directors’ report and the independent auditors’ report issued in conjunction with the assessment of the selected financial statements. |
| INSOLVENCY PRACTICE COMMITTEE |
1. To provide a forum for the exchange of ideas and discussion of issues faced by practitioners in relation to: (a) the law and practice of insolvency and corporate restructuring; (b) their dealings with Malaysia Department of Insolvency, Companies Commission of Malaysia and other relevant authorities; and (c) making the necessary representations and/or recommendations to such authorities. 2. To prepare guidance notes on insolvency & corporate restructuring practice as and when required. 3. To create awareness among members in insolvency and corporate restructuring practice in this country on the highest degree of integrity, objectivity and competency and to consistently evaluate the current framework of insolvency and corporate restructuring law and its practice in Malaysia. 4. To encourage and facilitate greater cooperation and communication amongst insolvency and corporate restructuring practitioners in Malaysia. 5. To deal with any other matters relating to insolvency and corporate restructuring. |
| INVESTIGATION COMMITTEE |
1. To consider any facts or complaints laid before it indicating that a member, provisional member or registered student of the Institute has become liable to disciplinary action. 2. Where the Committee is of the opinion that a prima facie case has been made out, it shall make a formal complaint to the Disciplinary Committee. 3. To request a member to support the formal complaint during a hearing before the Disciplinary Committee. 4. To request a member to support the decision of the Disciplinary Committee during a hearing before the Appeal Committee. |
| MEMBERSHIP AFFAIRS COMMITTEE |
1. To consider applications for membership. 2. To consider applications for practising certificates. 3. To consider enquiries of members pertaining to membership. 4. To consider applications from students for registration and exemption from examinations. 5. To recommend to Council fees to be charged for membership and issue of practising certificates. 6. To prepare guidance notes on various aspects of the MICPA Code of Ethics. 7. To provide counselling services to members on professional conduct and ethics (in accordance with the above Code) and other professional matters where possible, but so as not to infringe on matters within the purview of other Committees. 8. To promote the profession to the public in liaison with other relevant Committees. 9. To deal with correspondence from members and public where the subject matter does not fall within the ambit of other Committees. |
| PUBLIC PRACTICE COMMITTEE |
1. The Public Practice Committee (“PPC”) is responsible for looking into the interests of MICPA members in public practice as defined by By-Law 2 of The Malaysian Institute of Certified Public Accountants’ By-Laws (“MICPA By-Laws”)* and Rule 2 of the Malaysian Institute of Accountants (Membership and Council) Rules 2001 (“MIA Rules”)**. However, MICPA members who provide tax and insolvency services are excluded from the deliberations of the PPC as both tax and insolvency matters are handled by the Tax Practice Committee and Insolvency Practice Committee, respectively. Hence, the term “members in public practice” within this Terms of Reference excludes MICPA members who provide either taxation services and insolvency services. 2. To identify and address the professional development needs of members in public practice by formulating and providing diverse learning and development initiatives, including conferences, seminars and workshops, and producing resources including books, thought leadership materials, articles, etc. 3. To address practice issues faced by members in public practice with the aim to facilitate regulatory compliance and effective practice management. 4. To provide a forum for interaction and consultation for members in public practice with the aim of assisting them in running effective and efficient practices. 5. To review and respond to exposure drafts and other consultative documents pertaining to members in public practice issued by:
(Note: Approval by the Council is required only if comments and responses to exposure drafts and consultative documents affect the changes to practices, laws and regulations in Malaysia.) *By-Law 2 of MICPA By-Laws defines “in public practice” as “in practice as a public accountant providing professional services otherwise than as an employee” whilst “professional services” means “services requiring accountancy or related skills performed by a member including accounting, auditing, taxation, insolvency, management consulting and financial management services.” |
| TAX PRACTICE COMMITTEE |
1. To serve as key liaison between the Institute and Government on taxation matters. 2. To participate in Government’s consultation process on the development, revision and implementation of tax legislation and regulations. 3. To consider practical problems faced by members relating to the application of tax legislation and compliance with the regulations of the Inland Revenue Board. 4. To be responsible for the Institute’s publications on taxation and related matters. |
