Fair and Equitable Restructuring
Fair and equitable is a requirement of schemes of arrangement and an essential part of the code of conduct in large complex voluntary restructurings.
Reminder to Practitioners and Audit Firms – New Quality Management Standards (ISQMs) – ISA 220 (Revised), ISQM 1 & ISQM 2 will be effective from 15 December 2022
The Practice Review Department (PRD) wishes to remind practitioners and audit firms in Malaysia that the International Auditing and Assurance Standards Board (IAASB) has approved three (3) new quality management standards, which will be effective from 15 December 2022.
Less Complex Entities (LCE) Standard: A Panacea for A Cost-Effective Audit?
The long-awaited, separate, standalone, proposed International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE) which is based on the core requirements of the International Standards on Auditing (ISAs)...
Use of Artificial Intelligence (AI) on Accounting Transactions to Enhance Audit Quality
Rachel Grimes, former International Federation of Accountants (IFAC) President said that "technology will go on helping to burnish (enhance) the profession's credentials as a trusted adviser." She called for the profession to continue adopting and implementing emerging technologies or otherwise being left stranded on the sidelines.
MIA Practice Review – Key Findings on Elements of ISQC 1 – Monitoring
Annually, MIA’s Practice Review Department (PRD) issues its Practice Review (PR) report to provide an overview of PRD’s assessment of the audit firms (firms) and share new initiatives and ongoing developments affecting the profession.
Goods and Services Tax is Not the Reason for Price Increases in Malaysia
Goods and Services Tax (GST) or Value Added Tax (VAT), had been adopted in 170 countries at the beginning of 2020.
Financial Reporting Disclosures for Financial Guarantee Contracts
A financial guarantee contract is a contract that requires the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment...
COVID-19 Financial Reporting Issues for Entities Using MPERS
MIA’s first e-book - the Interactive e-Book of the MIA Illustrative *MPERS Financial Statements, with Commentaries and Guidance Notes (MPERS Interactive e-Book) is especially relevant in the light of the uncertainty caused by the COVID-19...
COVID-19 Impact on Audits of Entities Applying MPERS
MIA held a panel discussion on the impact of COVID-19 on MPERS financial reporting during the launch of the *MPERS e-book. Tan Khoon Yeow, Partner, Learning & Development, BDO highlighted some issues that auditors should note
COVID-19 and Valuation – Part 2
This is the second and final part of the COVID-19 and Valuation series.
MIA NEWS
