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MAS Practice Standards

AICPA’s M.A.S. Division promulgated MAS


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