The Malaysian Institute of Accountants (MIA) wishes to reiterate that the role of the approved statutory auditors is to provide reasonable assurance on whether the financial statements prepared by reporting entities are true and fair. Through the external audit, auditors play an important role in promoting confidence in the quality and reliability of audited financial statements in Malaysia. As such, auditors are required to comply with the requirements of the ISAs as adopted by the MIA and exercise professional skepticism in the conduct of their audits.

Required Task: You are required to discuss related to Code of Professional Ethic and also a conceptual framework that requires a professional accountant to identify, evaluate and address threats to compliance with the fundamental principles.