PART II: BY-LAWS ON PROFESSIONAL CONDUCT AND PRACTICE

Section 550 Quality Assurance and Practice Review

Practice Review
550.3 The Institute has established its Practice Review programme pursuant to the Council’s Statement on Practice Review issued on 15 November 2002 together with its supporting appendices which are set out in Appendix VII to these by-laws. Appendix VII forms part of this section.
550.4 The objectives of the Practice Review programme are-
(a) to ensure that all members in public practice maintain, observe and apply the relevant professional standards, so as to assure that those members in public practice, their firms and their employees are competent, ethical, and exercise due professional care in their professional work;
(b) to assist members in public practice to improve their professional standards where necessary; and
(c) to identify areas where members in public practice may require assistance in maintaining and observing professional standards.
550.5 The Practice Review programme does not set new professional standards. Rather, the professional standards that the members in public practice and/or their firms are expected to maintain are those already prescribed by the Institute and which are summarised for convenience in paragraph 550.2 above.
550.6 All members in public practice and/or member firms are required to submit to and undergo the Institute’s Practice Review programme as established pursuant to the Council’s Statement on Practice Review in Appendix VII to these by-laws.
550.7 The Practice Review programme is conducted by the Institute through its Practice Review Committee in accordance with the Council’s Statement on Practice Review in Appendix VII to these by-laws, any other directions issued by the Council from time to time and in accordance with any other procedures and processes as may be determined by the Practice Review Committee.
550.8 Each member in public practice and/or the member’s firm should comply with the requirements contained in the Council’s Statement on Practice Review in Appendix VII to these by-laws, any other directions issued by Council from time to time and with any other procedures or requirements imposed by the Practice Review Committee for the purposes of carrying out the practice review pertaining to that member’s firm.
550.9 The Practice Review programme will be conducted over a cycle of not more than five (5) years or such other period as determined by the Council in respect of member firms which are selected at random from the Institute’s records.
550.10 This section, unless otherwise determined by the Council, only operates in respect of members in public practice and/or member firms who provide among others, audit services.