Professional Documents
Culture Documents
SCOPE OF MAS
MAS are usually related to the services rendered by CPAs in the areas of auditing,
tax, and accounting, and may involve activities such as:
-
6. Operations Research
- involves the use of mathematical techniques such as linear programming,
PERT/CPM, queuing theory, simulation etc to solve operational problems.
The services listed above are not necessarily exhaustive nor complete. The
practitioner may offer other services not mentioned above depending on the
practitioners competence, experience, technical ability, and professional
integrity to meet or deliver such other services.
MAS CLASSIFICATIONS BASED ON REQUIRED EXPERTISE
1. Usual Services:
a. Evaluation of form of business organization
b. Analysis of financial and operating statements
c. Design and installation of accounting systems
d. Design of filing systems for storing accounting records
e. Suggestions for improvements in internal control
f.
j.
j.
k. Presenting and analyzing the pros and cons of various retirement and
profit-sharing plans
l.
They are already familiar with the client and his business and enjoy the
clients confidence
GENERAL STANDARDS
1. Professional Competence
The MAS practitioner shall undertake only those engagements which he or
his firm can reasonably expect to complete.
2. Due Professional Care
The MAS practitioner shall exercise due professional care when performing
an engagement
3. Planning and Supervision
The MAS practitioner shall adequately plan and supervise an engagement
in a manner that provides reasonable assurance that the work is
conducted in accordance with the understanding with the client and with
the professional standards and rules of conduct
4. Sufficient relevant data
The MAS Practitioner shall obtain sufficient relevant data to complete the
engagement in accordance with the understanding with the client and to
provide a reasonable basis for making conclusions and formulating
recommendations in relation to the engagement
5. Forecast
The MAS practitioner shall not permit his name to be used in connection
with any forecast of future transactions in a manner that may lead to the
belief that the practitioner vouches for the achievability of the forecast
TECHNICAL STANDARDS
1. Role of MAS practitioner
The practitioner should not assume the role of management or take any
position which may impair the practitioners objectivity in performing the
engagement. The practitioner should maintain his independence to enable
him to render his professional judgement and opinions with objectivity. His
main role is that of an adviser.
2. Understanding with the client
A written or oral understanding should be reached with the client
concerning the nature, scope, and limitations of the engagement to be
performed
3. Client benefit
The MAS practitioner should obtain an understanding of the possible
benefits the client wishes to achieve from the engagement before
beginning the work. The practitioner should notify his client of any