MIA Practice Review Department
Plugging the Gaps in the Audit of Biological Assets
November 16, 2020
TECHNICAL

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.

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3 weeks ago
Guidelines on Requesting Extension for Practice Review Deadlines
May 01, 2020
TECHNICAL

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.

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7 months ago
Continuous Quality Monitoring for Type 3 Audit Firms
December 18, 2018
GOVERNANCE

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.

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2 years ago
Root Cause Analysis (RCA) – An Essential Process to Improve Audit Quality?
October 24, 2018
TECHNICAL

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.

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2 years ago
Formulating an Effective Remedial Action Plan
January 01, 2018
INNOVATION

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.

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3 years ago