What are MIA By-Laws & Why Do They Matter?

Fact

MIA By-Laws are rules on ethics, conduct and practice that all members of MIA must follow. 

Elaboration

• They guide accountants and auditors on how to behave professionally (honest, fair, responsible).
• They help to protect the public, especially users of financial statements, by ensuring that professional accountants are trustworthy.
• If a member breaches these By-Laws, it can lead to disciplinary action (complaint, investigation, punishment) by MIA. 

Example

An auditor intentionally ignores evidence of fraud and issues a clean (unqualified) report anyway.

This is against MIA By-Laws → a complaint can be made to MIA → the auditor may be investigated and disciplined.

Ethical conduct towards clients:

• Ensure the work performed for clients complies with MIA By-Laws, approved accounting/auditing standards, and relevant legislation.
• Do not assist clients in fraud, tax evasion, money laundering or any illegal activities.
• If necessary, refuse to act on instructions that would lead to unethical or illegal conduct.