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…
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.