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MAS Practice Standards

Personal Characteristics
The practitioner must act with integrity and objectivity and be mentally independent.
Integrity guarantees that statements of findings and recommendations are free of distortions or
misstatements.
Objectivity is the ability to avoid bias and to maintain an impartial attitude on all matters
under review.
Independent mental attitude is based on the practitioner’s obligation to the client and on
the need to prevent impairment of public trust in the profession. He must avoid assuming the
role of management, limiting his services to those of an objective researcher, analyst, or
consultant, rather than a decision maker.

Competence
A practitioner should have competence in the analytical approach and process, and in the
technical subject matter under consideration.
Competence includes the technical skills and ability to monitor the assigned workers,
assess the quality of the job conducted, and assume accountability for the effective completion
of the commitment with the client. It is the ability to identify and define client needs, to use the
analytical approach and process, to apply knowledge of the technical subject matter under
consideration, to communicate recommendations effectively, and to assist in the
implementation of recommendations. It is acquired and maintained through a combination of
learning and experience. Competence may be increased through research and consultation with
others.

Due Care
Due care is concerned about what the practitioner does and how he does it. It involves
diligence and appropriate attention in the execution of the assignment. It requires a systematic
critical review by the practitioner throughout the work performed and the exercise of judgment.
Professional care requires that all work be carried out in accordance with the provisions of the
Code of Professional Ethics and other professional standards for CPAs.

Client Benefit
Before accepting an engagement, the practitioner must inform the client of any
reservations he may have regarding the anticipated benefits.

Understanding with Client


Before undertaking an engagement, a practitioner must inform his client of all significant
matters related to the engagement.
The significant matter related to an engagement generally include the engagement’s
objectives, scope, approach, role of all personnel, manner in which the results are to be
communicated, timetable and the fee.

Planning, Supervision, and Control


Planning is the translation of engagement objectives into a structured set of activities and
events within a targeted timeframe.
The practitioner in charge must exercise a judgment on the appropriate level of
supervision, based on the experience of the persons involved and on the complexity of the
engagement. Effective control requires the measurement of progress in meeting the
engagement plan and objectives.

Sufficient Relevant Data


Sufficient relevant data are to be collected, documented and evaluated in the
development of conclusions and recommendations. It should record, as appropriate, the
evidence obtained and its source, the alternatives considered and the analytical process leading
to specific recommendations.

Communication of Results
All significant matters pertaining to the outcome of the engagement are to be
communicated to the client. The client should be informed of the principal findings,
recommendations and accomplishments and of the significant assumptions relied upon, together
with any constraints, reservations or other qualifications.
Reports to the clients may be written or oral. When a practitioner does not issue a written
report to the client, he should prepare a file memorandum documenting the relevant
recommendations and other pertinent information discussed with the client.

Practice Standards for Management Consultants

Professional Competence
Do not undertake any commitments that will not be fulfilled by your current professional
competence.

Planning, Supervision, and Due Care


Serve the enterprises with due care, from gathering data to drawing conclusion and giving
recommendation with supervision and must be beneficial to the enterprise.

Reporting Results
Give conclusion with professional judgement and develop realistic recommendations to
assist the client improve the enterprise.

Fee Structure Standards for Management Consultants


Fees charged from the client must be reasonable with the basis of the service performed,
the time required to complete, benefits of the clients and experience of the consultant. Any fees
charged without reasonableness will result into a conflict of interest

Business-Conduct Standards for Management Consultants


Conserve the profession by continuous advancing the standards by sharing and discussing
techniques with other consultants. Protecting it by avoiding engagements without integrity and
independence.

COMPETENCE
1. Maintain an appropriate level of professional leadership and expertise by enhancing
knowledge and skills.

2. Perform professional duties in accordance with relevant laws, regulations, and t


echnical standards.

3. Provide decision support information and recommendations that are accurate, clear,
concise, and timely. Recognize and help manage risk.
CONFIDENTIALITY
1. Keep information confidential except when disclosure is authorized or legally required.

2. Inform all relevant parties regarding appropriate use of confidential information.


Monitor to ensure compliance.

3. Refrain from using confidential information for unethical or illegal advantage.

INTEGRITY
1.Mitigate actual conflicts of interest. Regularly communicate with business associates to
avoid apparent conflicts of interest. Advise all parties of any potential conflicts of interest.

2. Refrain from engaging in any conduct that would prejudice carrying out duties ethically.

3. Abstain from engaging in or supporting any activity that might discredit the profession.

4. Contribute to a positive ethical culture and place integrity of the profession above
personal interests.

CREDIBILITY
1. Communicate information fairly and objectively.

2. Provide all relevant information that could reasonably be expected to influence an


intended user’s understanding of the reports, analyses, or recommendations.

3. Report any delays or deficiencies in information, timeliness, processing, or internal


controls in conformance with organization policy and/or applicable law.

4. Communicate professional limitations or other constraints that would preclude


responsible judgment or successful performance of an activity.
Redondo M.E. (2017 September 5). MAS PRACTICE STANDARDS Retrieved from
https://kupdf.net/
Mejorada N.D. (2006). Management Advisory Services Part II. (4th ed.) Retrieved from
http://books.google.com

Institute of Management Accountants (2017) IMA Statement of Ethical Professional Practice


Retrieved from https://www.accountingverse.com/managerial-accounting/introduction/code-
of-ethics.html

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