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TECHNICAL

69 posts

ISA 600 (Revised) – Special Considerations: Audits of Group Financial Statements (Including the Work of Component Auditors)

The International Auditing and Assurance Standards Board (IAASB) had, through the issuance of the Invitation to Comment (ITC) Paper, Enhancing Audit Quality in the Public Interest: A Focus on Professional Skepticism…
  • February 17, 2023
  • 532 views

How Audit firms with Zero Clients Apply for Practice Review Exemption?

Pursuant to Paragraph (8) of Appendix VI of MIA By-Law, all members in public practice offering audit engagements are required to adhere to the standards as prescribed by the Institute.
  • February 8, 2023
  • 588 views

Addressing Deficiencies in ISA 570 Going Concern Assessments

The concept of going concern is a fundamental assumption when it comes to preparing the financial statements of a company.
  • January 27, 2023
  • 621 views

Capital Allowances – Avoiding Common Errors 

The accounting treatments for income, expenses, assets and liabilities presented in the financial statements are often not aligned with tax treatments, both in terms of timing of recognition and characterisation of the transaction itself.
  • December 23, 2022
  • 1.8K views

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 (Republished)

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.
  • September 8, 2022
  • 14 views

Transfer Pricing Characterisation – Why does it matter?

The risk-reward theory in economics states that higher the risk, higher the return. This principle of economics is also used in transfer pricing (TP) to determine the arm’s length compensation of the transacting parties.
  • August 10, 2022
  • 2.1K views

Scalability: How Did the International Standards on Quality Management (ISQM) 1 Deal With This Issue?

At the onset, the ISQM project team had identified two important elements that the new standard aimed to enhance, noting limitations of the extant International Standards on Quality Control (ISQC) 1…
  • June 30, 2022
  • 1.9K views

MPERS: Common Issues on Consolidation

Since the Malaysian Private Entities Reporting Standard (MPERS) became effective in Malaysia in 2015, we have received various accounting queries on consolidation through our technical queries facility…
  • June 29, 2022
  • 2.9K views

Treatment of Contingent Liabilities in a Solvency Test

In frequently asked questions regarding the treatment of contingent liabilities in a solvency test under the Companies Act 2016 (CA2016), the following issue often comes up.
  • June 28, 2022
  • 836 views

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.
  • May 17, 2022
  • 1.5K views