practice standards: 1) Personal characteristics 2) Competence 3) Due care 4) Client benefit 5) Understanding with client 6) Planning, supervision &control 7) Sufficient, relevant data 8) Communication of results Personal Characteristics Practitioner must have: a. Integrity b. Objectivity c. Independence in mental attitude Integrity: practitioner’s statements of findings and recommendations are free of intentional distortions/misstatements Objectivity: the ability to avoid bias and tomaintain an impartial attitude on all matters underreview Personal Characteristics Practitioner must have: a. Integrity b. Objectivity c. Independence in mental attitude Integrity: practitioner’s statements of findings and recommendations are free of intentional distortions/misstatements Objectivity: the ability to avoid bias and tomaintain an impartial attitude on all matters underreview Competence Practitioner must be competent in: a. Analytical approach & process b. Technical subject matter
Competence: acquired & maintained thru:
• Education & • Experience Due Care • To be exercised in performance of MAS • Involves: a.Diligence b.Appropriate attention in carrying out assignment • Requires all work be done according to the Code of Professional Ethics & other professional standards Client Benefit • Practitioner must notify client of reservations regarding anticipated benefits(before engagement) • Assessment of benefits: requires exploratory work & exercise of judgment • Not guarantee results • Quantified potential benefits: only estimates & properly supported Understanding with Client • Before engagement: practitioner to inform client of all significant engagement matters,including: a. Engagement objectives b. Scope c. Approach d. Role of all personnel e. Manner of communicating results f. Timetable g. Fees Planning, Supervision & Control • Adequate engagement planning, supervision & control • Planning: translation of objectives intoactivities & events w/in a time schedule. - Engagement plan: used in supervision & control • Supervision: engagement supervised by competent people • Control: measurement of progress vs. plan & objectives Sufficient Relevant Data • Obtained, documented & evaluated in developing conclusions & recommendations • Judgment required in knowing type & amountof data required • Documentation varies according to nature & scope of engagement - Must demonstrate due care - Should record: a. evidence obtained & source b. alternatives considered c. analytical process Communication of Results • Communicate to client all significant matters on engagement results, including: a. Principal findings, recommendations & accomplishments b. Major assumptions c. Limitations/reservations/qualifications