What are the Key principles of the management Accounting draft guide?

The Draft Guide contains five key principles: 1) protection of public interest as a key objective of accounting firms; 2) lawful acts; 3) effective management of human resources; 4) improvement of internal operations; and 5) orientation towards partnership.
 
The Draft Guide has also further established a "decision-making" mechanism for firms' risk management and quality control. It means that accounting firms need to set up supervisory and control divisions and establish procedures for risk reporting and assessment, hierarchical management, conflict of interest and approval of reports.

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