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
Practice Review’s Key Findings on Acceptance and Continuance of Client Relationships and Specific Engagements
The following are some of the key findings from practice review related to the audit firm’s implementation of one of the elements of quality control (ISQC 1), which is “client acceptance and continuance relationships”.
May 4, 2021
Plugging the Gaps in the Audit of Biological Assets
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.
November 16, 2020
Guidelines on Requesting Extension for Practice Review Deadlines
In the process of practice review, the Practice Review Department (PRD) has encountered many instances where the audit firm (AF) selected for review tends to defer the submission of documents to the PRD without first obtaining approval from the PRD.
May 1, 2020
Continuous Quality Monitoring for Type 3 Audit Firms
Monitoring review on the implementation of the remedial action plan (RAP) and its ensuing requirements (as prescribed in the MIA By-Laws) will be imposed on the audit firm three months after the approval of the RAP by the Practice Review Committee.
December 18, 2018
Root Cause Analysis (RCA) – An Essential Process to Improve Audit Quality?
Audit practitioners must identify the root causes impairing audit quality to ensure the success of their Remedial Action Plan (RAP) under the new Practice Review Framework.
October 24, 2018
Formulating an Effective Remedial Action Plan
MIA’s Remedial Action Plan applicable for audit firms with Type 3 rating aims to tackle continuing weaknesses in audit firms’ performance, in order to heighten audit quality and improve public trust.
January 1, 2018
Quality Assessment Programme: Common Findings of the Firm-level and Engagement-level Review
The Quality Assessment Programme (QAP) is a structured voluntary review of audit firms,…
June 27, 2022
MPERS: Common Issues on Consolidation
Since the Malaysian Private Entities Reporting Standard (MPERS) became effective in…
June 29, 2022
Obligations by Reporting Institutions Under AMLA
This article recaps some of the salient learning points from an AMLA Awareness Workshop…
May 20, 2022
Quality Improvement Through QAP Amidst the Pandemic: Sharing of Insights from CWC & ENG PLT
Despite facing challenges to sustain operations during the pandemic, the quest for…