Plugging the Gaps in the Audit of Biological Assets (Republished)

Auditors are expected to exercise a high degree of vigilance when conducting the audit of biological assets, an area where subjectivity, judgements and estimates abound.
  • October 8, 2025
  • 294 views

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TECHNICAL

106 posts

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
  • 19.1K 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
  • 1.4K 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
  • 6.2K 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
  • 4.7K 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
  • 10.3K 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
  • 4.8K 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
  • 3.3K 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

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.
  • March 7, 2022
  • 6.3K views

Plugging the Gaps in the Audit of Biological Assets (Republished)

Auditors are expected to exercise a high degree of vigilance when conducting the audit of biological assets, an area where subjectivity, judgements and estimates abound.
  • February 18, 2022
  • 1.3K views

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)…
  • December 15, 2021
  • 6.0K views