Browsing Tag

Remedial Action Plan

5 posts

Revision of Practice Review (PR) Framework Effective 1 July 2024 (Republished)

Practice review plays an integral part in the MIA’s quest to continue refining its approach to regulate the audit profession, especially the method by which it inspects audit, to determine the problems that auditors need to fix.
  • March 5, 2024
  • 197 views

Revision of Practice Review (PR) Framework Effective 1 July 2024

Practice review plays an integral part in the MIA’s quest to continue refining its approach to regulate the audit profession, especially the method by which it inspects audit, to determine the problems that auditors need to fix.
  • November 21, 2023
  • 812 views

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
  • 2.1K views

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
  • 4.2K views

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
  • 1.8K views