AMC AE PRO - iWP INCORPORATED WITH MICPA's TECHNICAL CONTENTS

TERMS OF USE

Version: 1.00.2021.0915.1549(Last updated on 15 Sep 2021)

PROPRIETARY STATEMENT

AMC holds the requisite rights to the audit software known as AE PRO, which includes, but is not limited to, Intellectualised Working Papers (“iWP”) and Cascade-Driven Planning (“CDP”) methodology (“AE PRO”). MICPA authored, owns and updates the Audit Guide for Practitioners ("AGP"), a guide that sets out the appropriate audit process and relevant auditing approach for audit engagements performed in accordance with International Standards on Auditing and International Standard on Quality Control 1, International Standards on Quality Management 1 and 2 where applicable, the Malaysian Private Entities Reporting Standard, Companies Act 2016 and International Code of Ethics for Professional Accountants as applicable in Malaysia. Both MICPA and AMC entered into a collaboration arrangement where AGP’s Technical Contents is incorporated by MICPA, into a framework provided by AMC, thereafter introduce AE PRO with MICPA's Technical Contents ("AMC Software"), to audit practitioners for the purpose of increasing audit efficiency and quality of the profession. MICPA grants to AMC a royalty-free licence during the applicable Collaboration Period to use its AGP's Technical Contents in relation to the Collaboration to the extent necessary for the other Party to carry out its obligations in relation to the Collaboration. This includes a right of use to AMC’s strategic partners and member entities of the AMC Group for educational and training purposes.

GENERAL DISCLAIMER

The Technical Contents provided by MICPA is intended to offer the user general guidance and is not intended to replace or serve as substitute for any professional judgement, advice, consultation or service. Both AMC and MICPA do not guarantee or warrant the Technical Contents and Technical Contents are provided "as is" without warranties of any kind, express or implied, including accuracy, timeliness and completeness. In no event shall AMC and MICPA, its related partners, managing directors, principals, agents or employees be liable for any direct, indirect, incidental, special, exemplary, punitive, consequential or other damages whatsoever (including but not limited to, liability for loss of use, data or profits), without regard to the form of any action, including but not limited to, contract, negligence or other tortious actions, arising out of or in connection with the Technical Contents, or accessed by use of the Technical Contents, or any copying, display or other use hereof. As the Technical Contents are copyrighted, any unauthorised use of Technical Contents may violate copyright, trademark and other laws. AMC bears no risk, responsibility or liability in the event that a User does not obtain such explicit written permission as advised by MICPA. Both MICPA and AMC and its logos are properties of respective parties. Use of these marks requires express permission from, and a licence agreement with, MICPA and AMC Future Technology. Unauthorised use of these and any other of MICPA's and AMC's portfolio of properties will be prosecuted to the fullest extent of the law. To request this written approval, contact the Webmaster or use the "Contact Us" feature.

ACCEPTANCE OF TERMS

The Technical Contents that MICPA provides to the User are subject to the following Terms of Use. AMC reserves the right to update the Terms of Use at any time without notice to the User. The most current version of the Terms of Use can be viewed by clicking on the "logo" hypertext link located at the bottom of Ask Amy | Go technical page.

OBLIGATIONS OF MICPA

1. Provide AGP's Technical Contents and support to AMC.
2. Provide annual updates on AGP’s Technical Contents in soft copy form only if there is any significant update on the relevant standards.
3. Advocate and influence the adoption of MICPA’s Technical Contents in AGP, which is crucial for review by relevant regulatory body, by Chartered Accountant firms in their audit engagements.
4. Upon termination of the Collaboration, MICPA shall render all necessary assistance to AMC to remove the AGP’s Technical Contents which have been incorporated in AE PRO. AMC shall then publish a mandatory software update for all Customers to ensure AGP’s Technical Contents are no longer accessible by Users who continue using the AMC Software. The Parties agree to complete this process after all the Customers’ subscriptions to the AMC Software have lapsed.

OBLIGATIONS OF AMC

1. Provide framework for MICPA to incorporate AGP’s Technical Contents into the AMC Software which is to be sold in a bundle of AE PRO and AGP’s Technical Contents to Customers.
2. Collect fee on behalf of MICPA for adoption of MICPA’s Technical Contents of AGP by Customers.
3. Provide training on the use of AMC Software and not to provide training by itself on MICPA’s Technical Contents in AGP.
4. Upload the latest iWP to the designated cloud space available to Users.
5. Manage the different version of the Technical Contents.
6. Provide a list of subscribers who installed the AE PRO with MICPA’s Technical Contents of AGP.
7. AMC shall be entitled to incorporate the Charges to its software licence fees during the Collaboration Period to account for the fees due to MICPA for the adoption of the AGP’s Technical Contents into AE PRO.

OBLIGATIONS OF USERS

1. Users shall download / use the Technical Contents provided by MICPA in accordance with the AMC Software's Service Agreement entered into with AMC.
2. Users shall only use the downloaded Technical Contents during the subscription period in accordance with the AMC Software's Service Agreement.
3. AGP’s Technical Contents will be licensed to Users as a bundle incorporated into AE PRO on an annual basis, except for Users who possess their own technical contents from their International/Local Affiliation.
4. If the Users discontinue its subscription, or this Agreement is terminated, users shall immediately uninstall the Software products.
5. Upon termination of the Collaboration between MICPA and AMC, Users may still use the AE PRO with MICPA’s Technical Contents of AGP for the remainder of the subscription period until the duration of collaboration has ended.
6. For initial subscription / engagement:
1. Users will be provided with the latest version of the Technical Contents;
2. Users shall modify the Technical Contents with professional due care, according to the nature of the audit engagements; and
3. Users shall always refer to the latest version of Technical Contents on the designated cloud space.
7. For subsequent years’ engagement:
1. Users may roll over the previous year’s audit working papers, however, Users shall exercise professional judgement of whether the updated Technical Contents, in its entirety or partially, shall be used, based on the financial year-end and date of reports of the audit engagements; and
2. Users will be guided on steps on obtaining the latest Technical Contents.
8. Where there is a conflict between the Terms of Use and AMC Software's service agreement, the AMC Software's Service Agreement shall prevail (in relation to the subscription of AMC Software only) to the extent of the inconsistency.