| Call for Articles on 'Capital Market-Risk and Opportunity' for the January-March 2011 issue of "Bangladesh Accountant" |
Articles are invited from Honorable members for the January-March 2011 issue of "Bangladesh Accountant", the quarterly Journal of the Institute. The theme of this issue would be "Capital Market-Risk and Opportunity".Write up on other issues not related to the theme can also be sent. But Editorial Board will select the articles for publication. The Editorial Board of the Council-ICAB expects that the members of the Institute would regularly contribute Articles to “The Bangladesh Accountant” keeping in view their responsibility to strengthen the Accounting Profession. Honorable members are therefore requested to please send Articles on the theme within 28 March 2011 for publication in “The Bangladesh Accountant”. It is to mention that honorarium is paid to the contributors of the original write-ups. CONTRIBUTORS OF ARTICLES ARE REQUESTED TO PLEASE ENCLOSE FULL ADDRESS AND CONTACT NUMBER ALONG WITH THE ARTICLE. |
Wednesday, February 9, 2011
Call for Articles by ICAB
Monday, February 7, 2011
SOME IMPORTANT DEFINITIONS AS PER CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS IN SAFA COUNTRIES
In this Code, the following expressions have the following meanings assigned to them:
Advertising: The communication to the public of information as to the services or skills provided by professional accountants in public practice with a view to procuring professional business.
Audit client: An entity in respect of which a firm conducts an audit engagement. When the audit client is a listed entity, audit client will always include its related entities.
Audit engagement: An assurance engagement to provide a high level of assurance that financial statements are free of material misstatement, such as an engagement in accordance with International Standards on Auditing (ISAs) as adopted by the respective Member Body of SAFA. This includes a Statutory Audit which is an audit required by national legislation or other regulation.
Assurance client: An entity in respect of which a firm conducts an assurance engagement.
Assurance engagement: An engagement conducted to provide:
(a) A high level of assurance that the subject matter conforms in all material respects with identified suitable criteria; or
(b) A moderate level of assurance that the subject matter is plausible in the circumstances. This would include an engagement in accordance with the International Standard on Assurance Engagements (IASE) issued by the International Auditing and Assurance Standards Board (IASSB) or in accordance with specific standards for assurance engagements issued by the IASSB such as an audit or review of financial statements in accordance with ISAs as adopted by the respective Member Body of SAFA.
Assurance team: (a) All professionals participating in the assurance engagement;
(b) All others within a firm who can directly influence the outcome of the assurance engagement, including: those who recommend the compensation of, or who provide direct supervisory, management or other oversight of the assurance engagement partner in connection with the performance of the assurance engagement. For the purposes of an audit engagement this includes those at all successively senior levels above the lead engagement partner through the firm's chief executive; those who provide consultation regarding technical or industry specific issues, transactions or events for the assurance engagement; and those who provide quality control for the assurance engagement; and
(c) For the purposes of an audit client, all those within a network firm who can directly influence the outcome of the audit engagement.
Client account: Any bank account, which is used solely for the banking of clients' monies.
Close family: A parent, non-dependent child or sibling.
Direct financial interest: A financial interest:
(a) Owned directly by and under the control of an individual or entity (including those managed on a discretionary basis by others); or
(b) Beneficially owned through a collective investment vehicle, estate, trust or other intermediary over which the individual or entity has control.
Directors and officers: Those charged with the governance of an entity, regardless of their title, which may vary from country to country.
Existing accountant: A professional accountant in public practice currently holding an audit appointment or carrying out accounting, taxation, consulting or similar professional services for a client.
Financial interest: An interest in an equity or other security, debenture, loan or other debt instrument of an entity, including rights and obligations to acquire such an interest and derivatives directly related to such interest.
Firm: (a) A sole practitioner, partnership or corporation of professional accountants;
(b) An entity that controls such parties; and
(c) An entity controlled by such parties.
Immediate family: A spouse (or equivalent) or dependent.
Independence: Independence is:
(a) Independence of mind - the state of mind that permits the provision of an opinion without being affected by influences that compromise professional judgment, allowing an individual to act with integrity, and exercise objectivity and professional skepticism; and
(b) Independence in appearance - the avoidance of facts and circumstances that are so significant a reasonable and informed third party, having knowledge of all relevant information, including any safeguards applied, would reasonably conclude a firm's, or a member of the assurance team's, integrity, objectivity or professional skepticism had been compromised.
Indirect financial interest: A financial interest beneficially owned through a collective investment vehicle, estate, trust or other intermediary over which the individual or entity has no control.
Lead engagement partner in connection with an audit: the partner responsible for signing the report on the consolidated financial statements of the audit client, and, where relevant, the partner responsible for signing the report in respect of any entity whose financial statements form part of the consolidated financial statements and on which a separate stand-alone report is issued. When no consolidated financial statements are prepared, the lead engagement partner would be the partner responsible for signing the report on the financial statements.
Listed entity: An entity whose shares, stock or debt are quoted or listed on a recognized stock exchange, or are marketed under the regulations of a recognized stock exchange or other equivalent body.
Network firm: An entity under common control, ownership or management with the firm or any entity that a reasonable and informed third party having knowledge of all relevant information would reasonably conclude as being part of the firm nationally or internationally.
Objectivity: A combination of impartiality, intellectual honesty and a freedom from conflicts of interest.
Office: A distinct sub-group, whether organized on geographical or practice lines.
Practice: A sole practitioner, a partnership or a corporation of professional accountants, which offers professional services to the public.
Professional accountant: A person who is a member of a SAFA member body.
Professional accountant in business: A professional accountant employed in such areas as commerce, industry, service, the public sector, education, the not for profit sector, regulatory bodies or professional bodies.
Professional accountant in public practice: Each partner or person occupying a position similar to that of a partner, and each employee in a practice providing professional services to a client irrespective of their functional classification (e.g., audit, tax or consulting) and professional accountants in a practice having managerial responsibilities. This term is also used to refer to a firm of professional accountants in public practice.
Publicity: The communication to the public of facts about a professional accountant, which are not designed for the deliberate promotion of that professional accountant.
Receiving accountant: A professional accountant in public practice to whom the existing accountant or client of the existing accountant has referred audit, accounting, taxation, consulting or similar appointments, or who is consulted in order to meet the needs of the client.
Related entity: An entity that has any of the following relationships with the client:
(a) An entity that has direct or indirect control over the client provided the client is material to such entity;
(b) An entity with a direct financial interest in the client provided that such entity has significant influence over the client and the interest in the client is material to such entity;
(c) An entity over which the client has direct or indirect control;
(d) An entity in which the client, or an entity related to the client under (c) above, has a direct financial interest that gives it significant influence over such entity and the interest is material to the client and its related entity in (c); and
(e) An entity which is under common control with the client (hereinafter a "sister entity") provided the sister entity and the client are both material to the entity that controls both the client and sister entity.
Solicitation: The approach to a potential client for the purpose of offering professional services.
Advertising: The communication to the public of information as to the services or skills provided by professional accountants in public practice with a view to procuring professional business.
Audit client: An entity in respect of which a firm conducts an audit engagement. When the audit client is a listed entity, audit client will always include its related entities.
Audit engagement: An assurance engagement to provide a high level of assurance that financial statements are free of material misstatement, such as an engagement in accordance with International Standards on Auditing (ISAs) as adopted by the respective Member Body of SAFA. This includes a Statutory Audit which is an audit required by national legislation or other regulation.
Assurance client: An entity in respect of which a firm conducts an assurance engagement.
Assurance engagement: An engagement conducted to provide:
(a) A high level of assurance that the subject matter conforms in all material respects with identified suitable criteria; or
(b) A moderate level of assurance that the subject matter is plausible in the circumstances. This would include an engagement in accordance with the International Standard on Assurance Engagements (IASE) issued by the International Auditing and Assurance Standards Board (IASSB) or in accordance with specific standards for assurance engagements issued by the IASSB such as an audit or review of financial statements in accordance with ISAs as adopted by the respective Member Body of SAFA.
Assurance team: (a) All professionals participating in the assurance engagement;
(b) All others within a firm who can directly influence the outcome of the assurance engagement, including: those who recommend the compensation of, or who provide direct supervisory, management or other oversight of the assurance engagement partner in connection with the performance of the assurance engagement. For the purposes of an audit engagement this includes those at all successively senior levels above the lead engagement partner through the firm's chief executive; those who provide consultation regarding technical or industry specific issues, transactions or events for the assurance engagement; and those who provide quality control for the assurance engagement; and
(c) For the purposes of an audit client, all those within a network firm who can directly influence the outcome of the audit engagement.
Client account: Any bank account, which is used solely for the banking of clients' monies.
Close family: A parent, non-dependent child or sibling.
Direct financial interest: A financial interest:
(a) Owned directly by and under the control of an individual or entity (including those managed on a discretionary basis by others); or
(b) Beneficially owned through a collective investment vehicle, estate, trust or other intermediary over which the individual or entity has control.
Directors and officers: Those charged with the governance of an entity, regardless of their title, which may vary from country to country.
Existing accountant: A professional accountant in public practice currently holding an audit appointment or carrying out accounting, taxation, consulting or similar professional services for a client.
Financial interest: An interest in an equity or other security, debenture, loan or other debt instrument of an entity, including rights and obligations to acquire such an interest and derivatives directly related to such interest.
Firm: (a) A sole practitioner, partnership or corporation of professional accountants;
(b) An entity that controls such parties; and
(c) An entity controlled by such parties.
Immediate family: A spouse (or equivalent) or dependent.
Independence: Independence is:
(a) Independence of mind - the state of mind that permits the provision of an opinion without being affected by influences that compromise professional judgment, allowing an individual to act with integrity, and exercise objectivity and professional skepticism; and
(b) Independence in appearance - the avoidance of facts and circumstances that are so significant a reasonable and informed third party, having knowledge of all relevant information, including any safeguards applied, would reasonably conclude a firm's, or a member of the assurance team's, integrity, objectivity or professional skepticism had been compromised.
Indirect financial interest: A financial interest beneficially owned through a collective investment vehicle, estate, trust or other intermediary over which the individual or entity has no control.
Lead engagement partner in connection with an audit: the partner responsible for signing the report on the consolidated financial statements of the audit client, and, where relevant, the partner responsible for signing the report in respect of any entity whose financial statements form part of the consolidated financial statements and on which a separate stand-alone report is issued. When no consolidated financial statements are prepared, the lead engagement partner would be the partner responsible for signing the report on the financial statements.
Listed entity: An entity whose shares, stock or debt are quoted or listed on a recognized stock exchange, or are marketed under the regulations of a recognized stock exchange or other equivalent body.
Network firm: An entity under common control, ownership or management with the firm or any entity that a reasonable and informed third party having knowledge of all relevant information would reasonably conclude as being part of the firm nationally or internationally.
Objectivity: A combination of impartiality, intellectual honesty and a freedom from conflicts of interest.
Office: A distinct sub-group, whether organized on geographical or practice lines.
Practice: A sole practitioner, a partnership or a corporation of professional accountants, which offers professional services to the public.
Professional accountant: A person who is a member of a SAFA member body.
Professional accountant in business: A professional accountant employed in such areas as commerce, industry, service, the public sector, education, the not for profit sector, regulatory bodies or professional bodies.
Professional accountant in public practice: Each partner or person occupying a position similar to that of a partner, and each employee in a practice providing professional services to a client irrespective of their functional classification (e.g., audit, tax or consulting) and professional accountants in a practice having managerial responsibilities. This term is also used to refer to a firm of professional accountants in public practice.
Publicity: The communication to the public of facts about a professional accountant, which are not designed for the deliberate promotion of that professional accountant.
Receiving accountant: A professional accountant in public practice to whom the existing accountant or client of the existing accountant has referred audit, accounting, taxation, consulting or similar appointments, or who is consulted in order to meet the needs of the client.
Related entity: An entity that has any of the following relationships with the client:
(a) An entity that has direct or indirect control over the client provided the client is material to such entity;
(b) An entity with a direct financial interest in the client provided that such entity has significant influence over the client and the interest in the client is material to such entity;
(c) An entity over which the client has direct or indirect control;
(d) An entity in which the client, or an entity related to the client under (c) above, has a direct financial interest that gives it significant influence over such entity and the interest is material to the client and its related entity in (c); and
(e) An entity which is under common control with the client (hereinafter a "sister entity") provided the sister entity and the client are both material to the entity that controls both the client and sister entity.
Solicitation: The approach to a potential client for the purpose of offering professional services.
Subscribe to:
Posts (Atom)