Frequently Asked Questions (FAQs) on the Peer Review Process under the Practice Review Committee (PRC)’s Order For Type 3 Firms

Effective 1 Jul 2024, the Institute’s Practice Review (PR) Framework will be revised. One of the key changes will be the introduction of Peer Review for the audit firms (AF) with Type 3 rating. 

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.