Frequently Asked Questions (FAQs)
provides answers to the most commonly asked questions by members. The FAQs
database is being updated from time to time. Please refresh as and when you
visit our FAQs site for each subject matter to view the latest version.
Please note that the information provided in this section are general
information. Members are responsible for verifying any information obtained
from this FAQs site.
Please note that the Institute will only entertain enquiries from MIA members. Any technical enquiry must be in writing and must include the member’s name, membership number, address and contact number. Members are required to follow the guidelines as set out in the Institute's Policies On Answering Technical Enquiries.
Yes, new applicants may register online. However, the Institute would still require applicants to submit hardcopy of the application form with all the required documents.
It is located at No. 16-18, Jalan Tun Sambanthan 3 ,Brickfields, 50470, Kuala Lumpur.
Our opening hours are as follows:
|Mondays – Fridays||: 8.45 a.m. – 5.30 p.m.|
|Saturdays||: 8.45 a.m. – 12.45 p.m.|
|Closed on Sundays and public holidays.|
Utilising the Library
Members of MIA, MIT & MAAA and staff of MIA are allowed to use the MIA RC for free of charge.
A non-member who wishes to use the MIA RC and its facilities is required to pay an annual subscription. Membership fee is based on categories as follows:
|MIA Member Firms||: RM 50 p.a.|
|Individual||: RM 50 p.a.|
|For those who do not wish to be a member of the MIA RC a fee of RM 5.00 will be charged per visit.|
You may get it from the reception counter. A membership card will be issued upon registration.
Please inform the librarian immediately. A penalty of RM 5.00 will be charged for replacement.
Resources / Collections
The MIA RC provides a wide range of resources in printed and non-printed format. These includes:
Books & Reference Materials:
|a.||Reference Books- Dictionaries, Directories, Manuals & Handbooks|
|b.||Conference and Seminar Papers, both local and foreign.|
|c.||IASB and IFAC materials|
|d.||Text of relevant subjects- Accounting, Auditing, Taxation , Finance , Law ,Economy, Management, etc.|
|e.||e. Acts & Regulations; Government Gazette;|
|f.||Government & Statutory agency’s publications- BNM, Bursa Malaysia, SC, etc.|
|g.||Newspaper cuttings on relevant subjects.|
|h.||MIA QE and MIT past year questions.|
|i.||Collections of articles on relevant subject.|
|a.||Journal & Magazines (local & foreign)|
reports of listed & non-listed companies and international accounting &
|c.||In-house journals/newsletters of audit firms and financial institutions.|
Accounting & Auditing Standards:
|a.||Financial Reporting Standards (FRS)|
|b.||International Financial Reporting Standards (IFRS)|
|c.||International Standards on Auditing and Related Services|
|d.||Accounting & Auditing Standards from other countries- UK, US, Australia, New Zealand & etc.|
Audio Visual Collections:
|a.||Video tapes produced by MIA, MIT & MAAA from conference & seminars.|
|b.||CD-ROM on accounting, auditing, tax, company law and etc.|
|a.||Malaysian Approved Standards on Auditing (MASA)|
|b.||Accountants Rules , By Laws & Guidelines|
|c.||Malaysian Management Accounting Guidelines (MMAG)|
|e.||Annual Tax Review|
|f.||Tax &Budget Booklet|
Yes. The MIA RC has all the latest reference materials for audit license interview.
Yes. The MIA RC has a selection of tables which you can work at.
Computers & Facilities
The MIA RC has two PCs with a range of digital sources and our online public access catalogue.
Yes. The internet is available for use on both the PCs but it’s not recommended for personal use.
Yes. You can use your laptop at the MIA RC. MIA RC is equipped with Wi-Fi coverage to enable users to access the internet using their own laptop. In order to use this service, all you need to do is to register with the librarian and get your access ticket.
Book Loan Facilities & Fines
Yes. Book loan service is available to all.
You are required to pay an annual fee and a deposit depending on the borrowing privilege offered to you. You are required to fill in the Book Loan Membership Form and pay an annual fee and a deposit which is refundable after 1 year from the date of registration and upon request for termination of the service.
MIA RC's members are allowed to borrow 2 books at a time.
The initial loan period is 2 weeks per book. Books with yellow tag can only be borrowed for three(3) days, where else books with red tag are not for loan.
Yes. Books may be renewed for a further period of one week provided there is no reservation by any other member. Renewal can be made either in person via telephone, or e-mail to email@example.com. Please give us your name and title of the book you wish to renew.
You can return books to the library by handing them over at the MIA RC reception counter, or post them back to us. ( you will need to cover the cost of postage)
Yes. If a book is unavailable we will place a reservation for you upon your request. You will be notified upon availability of the book.
Borrowers are responsible for any books borrowed under their name
and will be liable for any damages or loss of books borrowed. Please
report lost or damage of books or materials immediately to the
A borrower will be charged the full cost of the book for every book lost, plus 10% of the book price.
No, but you can consult a collection of journals in person.
Yes. You will have to pay a fine of RM 0.50 per day for each book that is overdue.
Online Databases & E-Library
You may access the MIA RC database which is our ''Online Catalogue'' by logging into MIA website under "CIRCULARS AND RESOURCES - Resource Centre – e-Library'' link. You may conduct a search by either keying in the ''title'', ''author'', or ''subject'' of the book/journal. Alternatively, you may contact our librarian for assistance.
Only members of MIA are allowed to access MIA E-Library upon their registration to MIA Website using members ID and password. You may register online at our MIA website.
With MIA RC E-Library you can access to :
|a.||MIA RC Online Catalogue|
*The MIA RC subscribes to several online databases to be used in our resource centre. You will need the ID and password to access them. Please ask the librarian for the necessary ID and password.
Photocopying & Printing Services
Yes. A self-service photocopying magnetic card is available. You may purchase it at the MIA RC reception counter. The Magnetic Card cost:
|RM 7.00 + Deposit (RM 2.00)||= RM 9.00 (able to make up to 60 copies)|
|RM 12.00 + Deposit ( RM 2.00)||= RM 14.00 (able to make up to 120 copies)|
|A deposit of RM 2.00 will be refunded when an empty card is returned.|
Yes. For those who wish to have documents photocopied and delivered to them are requested to pay in advance (prepaid). Members are required to open a deposit account whereby a sum of RM50.00 is to be paid upon registration.
|a.||RM 0.20 per page-(print & fax)|
|b.||Postal Charges -upon application|
|c.||Courier Charges-upon application|
Yes, you are allowed to make printouts from the PCs with a charge of RM 0.50 per page for printouts from the internet and RM 1.00 for printouts from CD-ROM.
Yes. You are allowed to bring your books into the MIA RC.
Yes. You may send them with an authorization letter complete with your membership number.
The MIA RC welcomes most donations of books or magazines for its collections. Donations will be reviewed under the guidelines of the MIA RC collection development policies before they are added to the collection. Please contact the librarian before bringing in the items.
We aim to provide the best possible services, and we welcome your comments about how we can improve our services to you. Occasionally things may go wrong and you may wish to make a complaint. You can do these in a number of ways:
|a.||Speak to a member of staff in person or on the telephone who will try to dissolve any difficulties immediately.|
|b.||Write your comments in the MIA RC Comments & Suggestion Folder which is located at the back of the MIA RC . These are monitored regularly by the librarian.|
|c.||Telephone , write-in or e-mail ( firstname.lastname@example.org) your comments to us.|
Pursuant to section 27 of the Act, the standards issued or adopted by MASB, are legally binding upon financial statements required to be prepared or lodged under any law administered by the Securities Commission, Bank Negara Malaysia and Suruhanjaya Syarikat Malaysia.
Reporting Standards (FRS) may be purchased from:
Malaysian Accounting Standards Board,
Suite 5.02 – 5.03
Level 5, Wisma UOA Pantai
No. 11 Jalan Pantai Jaya (Jalan 4/83A)
59200 Kuala Lumpur
: 03 2240 9200
: 03 2240 9300
Copies of the IFRS can be purchased from the Institute while stock last. Alternatively, you may order the book from the International Accounting Board (IASB) directly.
With effect from 1 January, 2005, the title of the document has changed from MASB Standards to Financial Reporting Standards. Any reference to MASB Standards will now change to Financial Reporting Standards.
Please visit MASB website for the listing of the Standards with new names.
MIA issues the auditing standards in the form of Malaysian Approved Standards on Auditing (MASA). MASA comprises of:
(a) International Standards on Auditing (ISA) designated as AI
(b) Malaysian Standards on Auditing (MSA) designated as AM
In the event that an ISA contains guidance which is significantly different from Malaysian law and practices, the explanatory foreword to an approved ISA will provide for such differences.
Apparent failure to do so may lead to an investigation into the member’s conduct by MIA. It could be regarded as conduct discreditable to the profession of an accountant and might lead to disciplinary action being taken against the auditor concerned.
MASA is available in MIA Handbook sent to members in the form of CD Rom. Copies of MASA can also be purchased from MIA.
MIA issues guidance to members in the form of Recommended Practice Guides (RPGs). The RPGs are available from MIA’s web site under Technical-Area-Auditing-Guidelines link.
The Companies are to file their tax returns to the Processing Centre (Pusat Pemprosesan) of the IRB within 7 months from the end of the accounting period. For example; for a company with financial year ended 31.12.2002, the deadline to file the tax return to the IRB would be by the 31.07.2003.
The address of the Processing Centre is:
Lembaga Hasil Dalam Negeri
Aras 12-18, Menara C, Persiaran MPAJ
Jalan Pandan Utama, Pandan Indah
55100 Kuala Lumpur
Tel: 03-4297 3010/20/40/50/70/73/78
The website's address is www.hasil.gov.my.
The website's address is www.customs.gov.my.
Members of the Institute as well as the public would be able to obtain the latest updates on matters concerning taxation via the Institute's website under the ‘Technical’ heading, i.e, circulars, articles and information relating tax matters. In addition, the latest updates can also be obtained from the relevant government authorities and bodies such as the Treasury (www.treasury.gov.my), IRB (www.hasil.gov.my), Royal Malaysian Customs (www.customs.gov.my), MITI (www.miti.gov.my), MIDA (www.mida.gov.my) and so forth.
The link is Professional Standards & Practices – Taxation – Circulars.
Members of the Institute as well as the public would be able to obtain tax return form from any branch of the IRB. However, please note that all taxpayers and individuals, are encouraged to file their tax returns vide E- Filing.
Public ruling can be downloaded from the IRB's website under the heading of 'Law & Regulations-Rulings'.
There are certain
qualifications recognised by the Ministry of Finance in order to apply for a tax
agent licence under section 153 of the Income Tax Act, 1967 with relevant years
of tax experience.
The tax agent licence application (Borang EC) and renewal form (Borang EC1) may be obtained from the Institute or the Ministry of Finance or downloaded from the MIA or Treasury website. Further enquiries with regards to the tax agent application/renewal, please refer with the officer-in-charge, Cik Nik Nur Firdaus binti Abu Bakar from Tax Analysis Division of MOF at 03-8882 4308 (DL).
The Institute will
support a member's application to incorporate a company providing tax services
if he/she has met the conditions set by the Institute whereby the directors of
the proposed company who are members of the Malaysian Institute of Accountants
must hold valid practicing certificates issued by the Institute. In addition,
one of the directors must be an approved tax agent under the Income Tax Act,
Please note that the company is not allowed to offer accounting services. These requirements must be complied with at all times.
The following documents are required for the Institute to process the application:
|A completed Form TC-A|
|ii)||A copy of the latest tax agent licence issued by the Ministry of Finance|
|iii)||A copy of the query letter from the Companies Commission of Malaysia (CCM)|
|iv)||Form 13A filed with the CCM (for change of name only)|
|v)||Form 49 for the existing company (if any)|
|vi)||Practising Certificate application (for MIA members who have yet to hold a Practising Certificate)|
It is possible for an auditor to be the tax agent for the same company provided that his independence is not in any manner impaired. A tax agent’s role is only limited to the compilation of financial figures for tax submission and thus, the issue of independence may not exist. However, it is generally accepted that one should always look at the substance rather than the form of engagement as provided by By-Law A-2.1 (3). A member in public practice shall be, and be seen to be, free in each professional assignment he undertakes, of any interest which might detract from objectivity. The fact that this is self-evident in the exercise of the reporting function must not obscure its relevance in respect of other professional work.
The form of entity cannot be the reason to circumvent the spirit of independence. As such, the position as mentioned above should still prevail.
Professional Accountants in Business
The Statements on
International Management Accounting Practice (IMAP) issued by the IFAC PAIBC
(previously known as FMAC) and adopted by the Institute are included in the
Members Handbook. These statements offer practical guidance on the application
of accounting concepts, procedures, and techniques to the management and control
of organizations. They represent widespread accepted practice based on a careful
study of options across many sites and circumstances.
The last IMAP adopted by the Institute was MAP 7. The IFAC PAIBC did not issue any statements after MAP 7. These statements were renamed the International Management Accounting Practice Statements (IMAPS) by the IFAC PAIBC. IFAC has since withdrawn the IMAPS.
for ’National Award for Management Accounting’. NAfMA began as a project
for the PAIB Committee of MIA in 2003. Independently, CIMA Malaysia Division was
moving towards the development of a management accounting best practice award.
Both MIA and CIMA Malaysia Division formed a strategic alliance to collaborate
on a national award for best practices in management accounting. Thus NAfMA was
born, the first award of its kind in Malaysia and possibly in the region.
The MIA and CIMA Malaysia Division are the organisers and awarding bodies of NAfMA. Officially launched in April 2004, the inaugural NAfMA award presentation and dinner was held in December 2004 in Kuala Lumpur.
The working partners are CIMA-UiTM Asian Management Accounting Research Centre (AMARC) and National Productivity Corporation (NPC). The Award is supported by the Accountant General's Office of Malaysia, British Malaysian Chamber of Commerce, Bursa Malaysia Berhad, Federation of Malaysian Manufacturers, the Malaysian International Chamber of Commerce and Industry and the SMI Association of Malaysia. Public Bank has been the main sponsor for NAfMA 2004 and Malaysia Business has been the official Business Magazine since 2005.
The objectives of NAfMA are:
|a)||To recognise organisations adopting best practices in management accounting and creating value that leads to business excellence.|
|b)||To promote the application of management accounting techniques and systems within organisations in Malaysia in the pursuit of world class business performance.|
For more information please click HERE.
Formation of A Limited Company Providing Accounting Services
Question (as per letter dated 15 August 2001):-
I wish to form a company bearing the name "ABC Accounting Solutions Sdn. Bhd." to provide accounting services to my clients. The Registrar of Companies (ROC) wanted me to get a supporting letter from MIA before it can approve the use of such name. Please let me have your supporting letter soonest possible. Your supporting letter should be addressed to ROC and forward to me for my onward transmission to the ROC.
Answer (as per letter dated 24 August 2001):-
We refer to your letter dated 15 August 2001 with regard to the above matter.
It is the Institute’s position not to support any application to set up a body corporate to offer the services of a chartered accountant at the moment. Hence, we will not be able to accede to your request to set up a body corporate to provide accounting services to your clients. The reason can be summarised below, supported by several relevant sections of the Accountants Act 1967 (the "Act") as amended by the Accountants (Amendment) Act 2001:-
Section 22 - Holding out as chartered accountant or auditor or tax consultant, states the following :-
No person shall unless he is registered as a chartered accountant under this Act and has his principal or only place of residence within Malaysia -
|a.||practise or hold himself out as a chartered accountant, auditor, tax consultant, tax adviser or any other like description;|
|b.||adopt, use or exhibit the terms "chartered accountant", "auditor", "tax consultant", "tax adviser" or any other term of like description; or|
adopt, use or exhibit the term "accountant" or any other term of like description in such circumstances as to indicate or to be likely to lead persons to infer that he is a chartered accountant or that he is qualified by any written law to practise the profession of or is in practice as a chartered accountant.
Section 18 on Prohibition (in as far as relevant) on members’ conduct also mentioned that :
Without prejudice to any other provisions of this Act or rules or by-laws no member shall -
|a.||allow any person not being a member to practise in his name as a chartered accountant;|
|b.||be a director or a shareholder in a company incorporated under the Companies Act, 1965, or any other written law, being a company which carries on a business of auditing, nor shall he use a trade or association name under which to practise the profession;|
|c.||in any way, practise as a chartered accountant or licensed accountant other than -
Furthermore, Section 14(6) of the Act prohibits a body corporate from being eligible for membership of the Malaysian Institute of Accountants. This section effectively defines that a person as mentioned under Section 22 of the Act cannot be a body corporate.
Hence, based on Section 22 and Section 18(b) of the Act, it is obvious that an audit practice cannot be incorporated. As for other public practice services, unless specifically provided under any other written law (e.g.. Income Tax Act, 1967 - the position of which is not clear at present), a body corporate is not allowed to hold itself out as a chartered accountant providing such services, since the Act only provides for a natural person to do so when Section 22 and Section 14(6) are read together. Thus, by allowing you to register a body corporate with the name "ABC Accounting Solutions Sdn. Bhd.", you can be deemed to have contravened the Act under Section 27 - Penalty for misrepresentation by body corporate which reads as follows :
Any body corporate which, or any director, officer, or servant thereof who, does any act of such a nature and in such a manner as to hold-out that the body corporate is a chartered accountant shall be guilty of an offence and the body corporate shall, on conviction, be liable to a fine not exceeding twenty thousand ringgit and where the act is done by a director, officer or servant of the body corporate the director, officer or servant thereof shall also, on conviction, be liable to a fine not exceeding ten thousand ringgit or to imprisonment for a term not exceeding one year and on a second or subsequent conviction to a fine not exceeding twenty thousand ringgit or to imprisonment for a term not exceeding two years.
In view of the above, the Malaysian Institute of Accountants would not encourage its members to incorporate companies providing auditing and other public practice services, unless another piece of legislation provides such other options.
Please be so guided accordingly.
Questions (as per letter dated 27 December 2001) :-
Answers (as per our letter dated 23 January 2002) :-
By-Laws on Advertising
Question (as per e-mail dated 18 January 2002) :-
Circular No. 13/99 sets out guidelines on Advertising for Sale of Assets by Insolvency Practitioners. It also provided a sample. The sample suggests that the firm’s logo should not be placed on the advertisement.
We would respond to your query in the affirmative. With effect from 15 January 2002 and subject to the requirements in By-Law A-9 and By-Law B-3, the firm’s logo may be placed on any advertisement undertaken by the firm.
Question (as per e-mail dated 1 March 2002) :-
Answer (as per e-mail dated 7 March 2002) :-
If you look at the By-Law and the explanatory note together, it would appear that a dormant company is also covered under this By-Law since no exception is provided therein.
Question (as per letter dated 8 February 2002) :-
Please clarify and advise us on the following :
Answer (as per letter dated 11 March 2002) :-
Member’s Ethical Code And Duty Of Care For Their Ex-Staff
Question (as per e-mail dated 10 March 2002) :-
I worked for an accounting firm (which is registered with MIA) a few years ago for a period of 2 years. I have requested the firm to write a detailed testimonial for me since the date before I resigned, but till now, I have not received anything from the firm. I would like to ask whether the accounting firm has a duty of care to its ex-staff or is there any ethical code that the member/firm should follow in this matter? How can I solve this problem and obtain my detailed testimonial.
Answer (as per e-mail dated 22 March 2002) :-
There is no express provision in our By-laws on Professional Conduct and Ethics for a member/firm to issue a testimonial for an ex-employee. However, all our members have a general obligation and responsibility to respond to professional enquiries and correspondence expeditiously under By-Law A-7 of the Institute's By-Laws on Professional Conduct and Ethics [Revised January 2002]. Failure to do so is a breach of the By-Laws which can result in disciplinary action being taken against the member concerned if a complaint is lodged with the Institute.
We would suggest that you write to your previous employer requesting for your testimonial, and quote the above By-Law A-7 as a basis for your request to expedite the issuance of your testimonial.
If there is still no response from your previous employer, you are entitled to lodge a complaint in writing to the Registrar of the Institute together with a supporting statutory declaration, against the member/firm concerned. If found guilty of a breach of the By-laws, disciplinary action can be taken against the member/firm concerned. However, the Institute has no power to compel the issuance of the testimonial on your behalf.
Size Of Practice Signboard
Question (as per e-mail dated 20 April 2002) :-
I wish to put up a signboard for my practice. Is the size of the signboard restricted to less than 6000 square centimetres?
Answer (as per e-mail dated 22 April 2002) :-
With effect from 15 January 2002, the previous restriction on the size of the signboard has been removed. Please check our web-site athttp://www.mia.org.my for further details.
Ownership Of Audit Working Papers
Question (as per e-mail dated 14 April 2002) :-
I would like to seek your clarification/opinion on the following matter :-
I was a partner of XY & Associates from 1996 to 31 March 2002 and am currently practising solely under CK & Co. Since I obtained my audit licence, I have been signing the audit report for almost all the clients of XY & Associates who are based in Penang.
Recently, there is a verbal separation arrangement on the clientele as a result of me leaving XY & Associates and I believe that XY & Associates is now practising as a sole proprietor firm.
Some of the clients are maintaining XY & Associates as auditors while a majority of the clients are appointing my new firm as auditors. I understand that ultimately, the choice for the appointment of auditors lies with the client.
I would like to know whether the audit working papers (CAF & PAF) should belong to whom :-
(a) XY & Associates
(b) Signing partner which is myself i.e. Mr. X
(c) The auditors which the client intends to follow
Answer (as per e-mail dated 16 April 2002) :-
It is the position of the Institute that the working papers (CAF & PAF) should belong to the continuing firm rather than the individual signing auditors.
Internal Audit Services
We refer to your letter dated 28 April 2003.
Presently, our By-Law B-1.4 prohibits a member in public practice or his firm from accepting appointment as auditors or reporting accountant if he or his firm already provide other public practice services (in your case, internal audit services) to a company or any other entity where the provision of such non-audit services would create a significant threat to his or his firm’s professional independence, integrity or objectivity. The explanatory notes following this By-Law further elaborates on circumstances where such situation is not acceptable and no proper safeguard will be able to mitigate this professional independence threat.
In addition, By-Law A-2.1 (3) states that "A member in public practice shall be, and be seen to be, free in each professional assignment he undertakes, of any interest which might detract from objectivity. The fact that this is self-evident in the exercise of the reporting function must not obscure its relevance in respect of other professional work."
Hence, your firm should critically assess your position as a statutory auditor vis-a-vis your appointment as a consultant providing internal audit services. It is imperative that should a decision be taken by your firm in accepting such non-audit services, the decision should be properly documented with relevant supporting argument to preserve your firm’s overall independence policy. Such assessment should be conducted on an annual basis should there be a continuous reliance on the part of such client on your non-audit services.
Kindly note that our views expressed herein are intended to assist you solely on an ad hoc basis in resolving your inquiry. The views expressed are not the official opinion of MIA, its Council or any of its Committees. Advice given is provided gratuitously and without liablity. Neither MIA, its Council or any of its Committees nor its employees shall be responsible or liable for any claims, losses, damages, costs or expenses arising in any way out of or in connection with any persons relying upon the advice given.
MALAYSIAN INSTITUTE OF ACCOUNTANTS
HO FOONG MOI (MS)
Question (as per letter dated 29 April 2002) :-
With reference to B-1-1(e) of the By-Laws (on Professional Conduct and Ethics), I wish to enquire whether members of the immediate family can be appointed as directors (not executive director) of a corporation providing secretarial services and whose employee is an officer of the company of which I am the auditor.
Answer (as per letter dated 8 May 2002) :-
Based on our Institute’s By-Law B-1.1(1), it would appear that there is no express prohibition for you to act as the auditor even though your immediate family member is appointed as a director of the secretarial company, albeit in a non-executive role. However, it is near impossible for the By-Law to cater for every single occurrence or circumstance imaginable. At the end of the day, you as the auditor are expected to observe the Institute’s overriding statement of integrity and objectivity in substance rather than merely follow the form of certain practices (By-Law A-2.1) :-
Members shall at all times be straightforward, honest and sincere in their approach to their professional work. Integrity implies not merely honesty but fair dealing and truthfulness by all members.
The principle of objectivity imposes the obligation on all members to be fair, intellectually honest and free of conflicts of interest. Members shall be fair in their approach to their professional work and shall not allow any prejudice, bias or influences of others to override their objectivity.
A member in public practice shall be, and be seen to be, free in each professional assignment he undertakes, of any interest which might detract from objectivity. The fact that this is self-evident in the exercise of the reporting function must not obscure its relevance in respect of other professional work.
We hope this is sufficient guidance for you on the issue of professional independence.
By-Law B-1 On Professional Independence
Question (as per facsimile dated 26 June 2002) :-
With reference to the above, kindly confirm the following :-
Definition of "Partner".
If an approved auditor acts as a non-executive independent director in Company A, can he act as an auditor in Company B where the director/shareholder of Company B is also the majority director/shareholder of Company A.
Can a member become the auditor of a company where the member of his immediate family is a company secretary?
(Note : The company secretary is not a key management personnel of the company as defined under By-Law B-1.1 (2)).
Answer (as per facsimile dated 28 June 2002) :-
We refer to your facsimile forwarded to us on 26 June 2002 and to your queries therein.
We would like to respond as follows:
The word "partner" is not defined in the Institute’s By-Laws (On Professional Conduct & Ethics) [Revised January 2002]. However, the word "partner" has the meaning as ascribed pursuant to the term "partnership" under the Partnership Act 1961.
Based on the information provided by you, the approved auditor may be able to act as auditor for Company B unless Company A and Company B are deemed to be related to each other by virtue of section 6 of the Companies Act 1965. If there is such a relationship, the approved auditor cannot act as auditor for Company B, since he is also an officer of Company A. In any event, the auditor must at all times be guided by the spirit and intention of By-Law B-1, namely that the auditor must in fact and in appearance, be independent in carrying out the audit for Company B.
By-Law B-1.1(1)(e)(i) of the By-Laws prohibits any member in public practice from taking on the appointment as the auditor of a company where any of the member’s immediate family (as defined in the By-Laws) is an officer of the company. An officer of the company is defined in the By-Laws as including those persons defined as an officer pursuant to section 4(1) of the Companies Act 1965. Under section 4(1) of the Companies Act 1965, an officer of the company includes the secretary of the company.
We trust that the above is of assistance to you.
Kindly note that our views expressed above are based on the limited information given to us and are intended to assist you solely on an ad hoc basis in resolving your query. The views expressed herein are not the official views of the MIA, its Council or any of its Committees. This advice is provided gratuitously and without liability. Neither the MIA, its Council or any of its Committees nor its employees shall be responsible or liable for any claims, losses, damages, costs or expenses arising in any way out of or in connection with any reliance upon the advice given herein by any person(s).
Question (as per letter dated 29 June 2002) :-
We would appreciate it very much if you could kindly advise us on the following matters:-
|1.||Is the professional fee charged by a Public Accountant subject to certain rules, guidelines etc.?|
|2.||If the answer is no, then how are professional fees actually charged and as such are they done arbitrarily?|
|3.||We enclosed herewith some completed Audit Reports and the Invoices given. Could you please comment as to whether the sum charged is justified?|
Thank you for your kind cooperation.
Answer (as per letter 11 July 2002) :-
Thank you for your letter dated 29 June 2002.
Our Institute’s By-Law B-6.1 on Fees & Commission provides that professional fees charged by members in public practice shall be a fair reflection of the value of the work performed for the client, and shall take into account inter alia -
|(a)||the skill and knowledge required for the type of work involved;|
|(b)||the level of training and experience of the persons necessarily engaged on the work;|
|(c)||the time necessarily occupied by each person engaged on the work; and|
|(d)||the degree of responsibility and urgency that the work entails.|
In addition, the following explanatory notes further emphasise the principle behind our By-Law B-6.1 :-
In order to carry out the professional service for which he is engaged, a member in public practice must first consider the instructions of his client in conjunction with any statutory duty relating thereto and then discharge his responsibility by applying to the affairs of his client the professional skill and knowledge which he and his staff have acquired through training and experience.
The member’s fees for that service should provide him with appropriate remuneration for the time and skill which he has personally devoted to his client's affairs and the responsibility he has accepted together with reimbursement of and a suitable margin of profit on his overhead expenses and the salaries of his staff for whose work he takes responsibility.
|3.||Fees should therefore normally be computed by reference to the above factors (a) to (d).|
|4.||It is neither usual nor necessary for bills submitted to clients to be fully detailed but the member's records should be adequate to enable this to be done if required either to satisfy the client or in the unfortunate event of it becoming necessary to take legal proceedings to recover unpaid fees.|
By-Law B-6.2 provides that the fees charged should not be unrealistically low and the Institute has taken the position that a professional fees of less than five hundred Ringgit for audit services provided to commercial enterprise shall be considered as unrealistically low professional fees. Furthermore, as per By-Law B-6.3(1), it is mentioned that in specific circumstances, where a member in public practice feels there are genuine grounds to propose a lower fee than another member undertaking the same or similar work (other than non-recurring or specialist work including management consultancy services), the member shall exercise due care to ensure that the lower fee is in line with the provisions of By-law B-6.1 above.
We are pleased to enclose herein a set of our recommended (as opposed to mandatory) basis for determining audit fees which may give you some basic idea of the process of fees determination by our members in public practice.
However, we regret to inform you that it will not be possible for the Institute to comment on Question No. 3 of your letter, namely whether the sum charged by your auditor is justified or otherwise. This is simply because, the function of fees as we mentioned earlier in this letter will consist of those elements as elaborated above, namely the skill and knowledge required for the type of work (details of which we have no access to), the time that was taken to complete the work involved, as well as the degree of urgency of the assignment that was carried out as requested by the client, etc.
We hope the above will be able to clarify some of your concerns when dealing with our members.
Submission of the Accountants Report for Solicitor’s Clients Accounts
Question (as per letter dated 20 September 2002) :-
We refer to an article entitled "Solicitor’s Clients Accounts" published in Volume 15, Number 7 (page 9) of the Akauntan Nasional August 2002 issue. It was mentioned that the submission of the Accountants Report for the Solicitor’s Clients Accounts to the Bar Council is only applicable to lawyers practising in the Peninsular only.
Please clarify on whether lawyers that have office branches in Peninsular and East Malaysia, but maintain all the client’s accounts in the bank accounts that were opened in East Malaysia, are they required to submit the Accountants Report on the Solicitor’s Clients Accounts to the Bar Council in Peninsular Malaysia.
Answer (as per letter dated 6 November 2002) :-
We refer to your letter dated 20 September 2002 on the above matter.
The Bar Council clarified that, so long as solicitors have branch offices of their practice/firm located in Peninsular Malaysia, they are required to submit the Accountants Report for their clients’ accounts irrespective of whether the clients’ accounts are operated in East Malaysia only.
Professional Indemnity Insurance Coverage
As a proprietor of a non-audit firm, do I need to subscribe for the Professional Indemnity Insurance coverage?
Yes, you have to. Under By-Law 23-3, every member in public practice is required to have a minimum coverage of RM100,000 per annum. Your annual subscription in this situation will normally not exceed RM100 per month.
Signing of Statutory Declaration in Relation to Accounts Under Paragraph 9.27 of the KLSE Listing Requirements
Can a person who is not a member of the Malaysian Institute of Accountants (MIA) sign the statutory declaration in relation to accounts under Paragraph 9.27 of the KLSE Listing Requirements?
Yes, a person who is not a member of MIA can do so, provided that he or she has at least 3 years’ working experience and
|a.||has since passed the examinations from local institutions of higher learning recognised under the Accountants Act, 1967 or|
|b.||is a member of one of the associations of accountants specified in Part II of the 1st Schedule of the Accountants Act, 1967 as follows :
Question (as per letter dated 24 January 2003):-
I wish to inform that I shall be retiring from public practice not later than June 2003. Accordingly, please confirm whether I will be exempted from practice review..
Answer (as per memo dated 29 January 2003):-
Presently, our selection will cover all the audit firms registered with our Institute. As long as you have ceased public practice and you are no longer a partner or proprietor of any firm, you will not be subjected to practice review simply because you will not be selected at all. Only proprietors with firms registered with the Companies Commission of Malaysia and our Institute will eventually be reviewed throughout the cycle of 5 years.
Appendix 2 of Circular 3/2003
Frequently Asked Questions - Standard Board Lot At 100 Units
Appointment Of Auditors
Question (as per fax from XYZ & Co. dated 18 January 2002) :-
We have been approached by a listed company to be their auditors for the financial year ended 31 December 2001.
Two existing partners of our current firm are also partners of another audit firm, ABC & Co. together with Mr. M. Mr M who resigned from the ABC & Co. partnership on 31 October 2001 is a non-executive director of this listed company but was never a partner of our firm, XYZ & Co.
In order for XYZ & Co to be seen to be independent, we propose to take up the audit assignment jointly with another independent firm of auditors, LN & Associates.
Kindly advise us as to whether we can take up this audit appointment without contravening any MIA regulations or the Companies Act, 1965 provisions.
Answer (as per our letter dated 25 January 2002) :-
In as far as By-Law B-1.3 (1)(c) is concerned, a member in public practice or his firm shall not knowingly accept appointment as auditor or reporting accountant of a company or other entity if he is or was, within the period concerned or within the preceding period of 12 months been an officer or employee of the company or other entity or if he is or was a partner of or in the employment of an officer or employee of the company or other entity, among other things. In addition, By-Law A-2.1 provides that :-
A member in public practice shall be, and be seen to be, free in each professional assignment he undertakes, of any interest which might detract from objectivity. The fact that this is self-evident in the exercise of the reporting function must not obscure its relevance in respect of other professional work.
Looking at the two significant By-Laws as elicited herein, it appears unacceptable for ABC & Co. to accept the appointment from the listed group since the partner Mr. M is an officer of the listed group, albeit as a independent non-executive director. The fact that there exist two common partners between ABC & Co. and XYZ & Co. effectively precludes the latter firm from accepting the assignments as the appearance of independence is of equal emphasis here, notwithstanding that both firms are operating independently of each other.
Hence, your current contention is that the listed group will appoint the firm of XYZ & Co. together with another firm of independent auditors, i.e. LN & Associates to be the joint auditors to reduce the possible threat to your professional independence. This, we believe, is to enable an effective safeguard to be put in place so that the issues on professional independence is not compromised in any event. Having read the Explanatory note as provided after By-Law B-1.3, it appears that measures can be taken by firms to reduce the threat to their independence where applicable. In fact, such safeguards must be clearly spelt out where necessary. Thus, provided that the joint auditors LN & Associates are able to discharge their duties without compromise to their position as joint auditors (here, it is always a question of fact whether the joint auditors have conducted themselves independently or able to conduct themselves independently during the course of the joint audit), such arrangement if put in place, should be acceptable. But, as professionals, both firms must seriously evaluate their position vis-a-vis the joint audit before coming to the conclusion that the threat to independence has since been properly dealt with.
Professional Conduct and Ethics
Question (as per e-mail dated 25 October 2003):-
'A' is a member firm in practice (non-audit) in town X.
'B' is a member firm in practice (audit) in town Y.
XYZ Sdn Bhd in town X appointed B as the auditor.
A carries out the audit work. B reviews the audit files and prepares the audit report.
B bills A for time cost.
A bills XYZ Sdn Bhd the audit fee.
Does the above arrangement contravene the By-Laws or the like?
Answer (as per e-mail dated 27 October 2003):-
By-Law B-2.2(4) of the Institute’s By-Laws (On professional Conduct and Ethics) on Method of Practice prohibits a member in public practice to report or express an opinion on financial statements examined for the purposes of such report or opinion, by a person other than a member of his firm or of his staff, unless such other person is also a member in public practice.
Similarly, By-Law B-6.5(1) of the Institute’s By-Laws (On professional Conduct and Ethics) on Fees and Commissions prohibits a member in public practice from allowing (whether directly or indirectly) the participation of any person in the fees of his professional work, unless that person is another member in public practice.
Whilst the above By-Laws allow for an auditor (in this case B) to render an audit report based on the examination of the financial statements by another member in public practice (in this case A), such arrangement must nevertheless be in accordance with the Malaysian Approved Standards on Auditing, particularly AI 920.
AI 920 - Engagements to Perform Agreed-Upon Procedures regarding Financial Information, would require the engagement of A (non-audit firm) to carry out agreed upon procedures with the clear understanding and consent of the client (XYZ Sdn Bhd) regarding these agreed procedures and conditions of the engagement. In doing so, A must also comply with the provisions of AI 920, the ethical principles as set out in the IFAC Code of Ethics, and the terms of the engagement. The terms of the engagement must clearly set out the nature, timing and extent of the procedures to be undertaken by A, the financial information involved etc. (see paragraph 9 of AI 920).
As auditor, B must ensure that there is compliance of B’s duty of confidentiality to XYZ Sdn Bhd pursuant to By-Law A-5.2 of the Institute’s By-Laws (On professional Conduct and Ethics) on Confidentiality, which prohibits the disclosure of information received or acquired by B in the course of his professional work (as auditor of XYZ Sdn Bhd) except where the consent of the client (in this case, XYZ Sdn Bhd) has been obtained. Under this requirement, XYZ Sdn Bhd must expressly consent to the disclosure of any information relating to the financial statements of XYZ Sdn Bhd by B to A for the purpose of enabling A to carry out the engagement to perform agreed-upon procedures.
B must also ensure that since B is signing the audit report, B (and for that matter, A) has complied with all other applicable Malaysian Approved Standards on Auditing, including AI 220 on Quality Control, AI 230 on Documentation, AI 500 on Audit Evidence etc.
As for the issue of the audit fees, audit fees can only be charged to XYZ Sdn Bhd by B (the audit firm) and not A (the non-audit firm). By allowing A to bill XYZ Sdn Bhd the audit fees, B is effectively assisting A to hold itself out as an audit firm or auditor, which is in contravention of the Accountants Act 1967 and/or the Companies Act 1965.
Kindly note that our views expressed above are based on the limited information given to us and are intended to assist you solely on an ad hoc basis in resolving your query. The views expressed herein are not the official views of the Institute, its Council or any of its Committees. This advice is provided gratuitously and without liability. Neither the Institute, its Council or any of its Committees nor its employees shall be responsible or liable for any claims, losses, damages, costs or expenses arising in any way out of or in connection with any reliance upon the advice given herein by any person(s).
Question (as per e-mail dated 4 February 2004)
We would like to enquire about the appointment of auditors (owned by Mr. A & Mr. B) by a group of companies belonging to a director-cum-shareholder who is a brother to Mr. A. Under the by-law, kindly let us know whether that audit firm is qualified as the soon-to-be auditors for the group of companies on the condition that Mr. B is going to sign the auditors' report and not Mr. A.
Answer (as per e-mail dated 6 February 2004)
We refer to your e-mail with regards to the above matter.
By-Law B-1.3 (1) prohibits an arrangement as you have mentioned below unless :-
|1.||the interest held by the immediate family member does not give rise to a significant threat to the professional independence , integrity or objectivity of the firm ; AND|
|2.||there are appropriate safeguards in place that will effectively AND adequately preserve the professional independence, integrity or objectivity of the member and / or his firm|
Please see By-Law B-1.3 (2) for further information.
Profit Sharing Agreement
Question (as per letter dated 25 March 2004)
There are two MIA members who joined us two years ago with the aim of becoming partners of our firm upon acquisition of audit licence. There two gentlemen are in the midst of applying for an audit licence under Section 8(1) of the Companies Act, 1965. As they have not possessed the audit licence, Form 5 (Return of Partners of Firm of Auditors) has not been filed in this respect. As such, they are not permitted to sign audited accounts. However, they are given a profit sharing in the firm and as such an agreement has been drawn to effect his arrangement. The aggrement contains the following characteristics:
The profit sharing ratio of each partner;
The terms and conditions;
The amount of goodwill that the two gentlemen are required to pay to the existing partners.
Please advise if the above arrangement has breached the Companies Act, 1965 and any of the MIA By-Laws.
Answer (as per our letter dated 18 May 2004)
We refer to your letter dated 25 March 2004.
Please take note that for the purposes of Section 9(4) of the Companies Act, 1965, it is stipulated that partners of the firm who are residents of Malaysia must be approved company auditors. Any arrangement which appears to override this provision may be viewed as a breach of the Companies Act. In addition, the Public Practice Committee of the Institute is of the opinion that such arrangements as mentioned in your letter may not be considered as acceptable by the Institute.
As a matter of practice, the firm can certainly work out certain incentive packages such as in the form of bonuses which would be able to fairly compensate the effort of your two (2) potential partners pending their successful application for their audit licences.
Kindly note that our views expressed herein are intended to assist you solely on an ad hoc basis in resolving your inquiry. The views expressed are not the official opinion of MIA, its Council or any of its Committees. Advice given is provided gratuitously and without liability. Neither MIA, its Council or any of its Committees nor its employees shall be responsible or liable for any claims, losses, damages, costs or expenses arising in any way out of or in connection with any persons relying upon the advice given.
Practicing Certificate And An Audit Licence
Can a person holding a valid practicing certificate and an audit licence also work as a manager in a trading company dealing with herbal supplements?
No. Under Rule 9 (7) of the Institute’s (Membership & Council – Rules) 2001, it is provided that:-
shall automatically cease to have a valid practicing certificate and the member shall return his practicing certificate to the Institute within fourteen days from the date of cessation for cancellation of the said certificate.
There is also a condition being set by the Ministry of Finance (MOF) for approved auditors which states that an applicant is required to be in full time practice as an auditor.
Outstanding Audit Fees
Does the Institute’s By-Law allow an audit firm to discontinue the current year’s audit if there is an outstanding audit fees from previous year? This is of course on the assumption that we have not tendered in our resignation as the statutory auditors to date.
We would like to highlight here that By B-8.4(1) on Changes in Professional Appointments states that a member in public practice who is an existing auditor may decline re-appointment if that particular client has not paid the auditor or any previous auditor of that particular client, the fees due on the statutory audit of the financial statements of the client for two consecutive financial years.
Please be informed that there is no provision in the By-Law which allows the firm to discontinue the current year audit if there are outstanding fees. If there are outstanding fees, the firm should decline re-appointment as auditor in the annual general meeting of the company but if the firm decides to accept the re-appointment, the firm has a statutory duty to complete the statutory audit.
We also wish to highlight that the new By-Law B-1 on Professional Independence has a provision on Fees – Overdue, which states that a self-interest threat may be created if fees due from an assurance client for professional service remain unpaid for a long-time and safeguards should be applied to reduce the threat to an acceptable level.
Definition of full time practice
Can a member who is holding a valid practicing certificate, venture into other business, e.g. set up a restaurant, in the capacity of both director & shareholder?
A member who is a holder of a valid practising certificate may venture into other businesses in a capacity of both director and shareholder provided that:
|1.||He is not the Executive Director of the Company i.e. he does not get involved directly in the day to day management of the business|
|2.||He does not neglect his full time audit/ accounting practice; and|
|3.||He need to ensures that his clients do not raise complaint againts him due to him neglecting his full time practice.|
Exemption of requirement of auditors and company's secretary
Is the new Companies Act which is going to be introduced next year (2006) going to exempt the requirement of private companies to appoint qualified auditors and secretary?
The reform of the Companies Act, 1965 is currently being undertaken by the Corporate Law Reform Committee of the Companies Commission of Malaysia (CCM). The scope of the law reform initiative can be found in the Strategic Framework released by the CCM last September. A copy of the Framework can be found on the CCM website- www.ssm.com.my.
Whilst we believe that one of the stated objectives of the law reform is to reduce compliance costs, the Institute is not in a position to advise on the whether or not the requirement of having auditors and company secretaries for private companies will be exempted. As is indicated in the Framework, any proposed change to the law will be made upon consultation with all affected parties. The Institute will inform and consult members accordingly when the consultation papers are issued by the CCM.
We have a client where its’ audit has been suspended for a period as they failed to provide the necessary documents for our verification. In addition, we also noted the company is currently involved in certain legal cases and may not operate on a going concern basis. In order to safeguard our interests on fee recovery we intend to propose for an advance payment before we continue with the audit. Should the advance payment not be forthcoming we may not proceed with the audit.
In this circumstances, we should be obliged if you could advise us whether this is in line with MIA’s By-Laws (on Professional Conduct and Ethics).
The clarification below is based on the limited fact as provided.
Firms are allowed to prioritise their work to match their revenue with whatever resources they have in their disposal. Hence, there should not be an issue of asking for an advance to proceed with whatever works that is on hand.
However, should the advances being not forthcoming, the firm can always opt to resign (rather than prolong it's exposure in further works without pays) and sue for the fees outstanding up to the date of resignation, provided that there was no dispute on the fees in the first place. However, the firm may want to note that it's option, at this stage, will normally be very much limited to what the company can afford, if at all.
Question (as per e-mail dated 29 June 2005)
I am based in Kuala Lumpur and all the accounting records are maintained in Kuala Krai, Kelantan. As the head of the accounts department, I cannot deny that I don’t know what is happening in the Company. There are some “questionable” transactions, by which I don’t agree. Anyway, I have been requested to present the financial statements during the Audit Committee and Board of Directors’ meeting.
The argument given by the former and present chairman is that I am not required to sign the audited accounts / make statutory declaration on the financial statements, whereby it is done by a Non-independent Non-Executive Director.
Please advise via email on whether or not I can be charged for any wrongdoing as the head of accounts department even though I acted on instructions.
Answer (as per e-mail dated 18 July 2005)
The Institute’s By-Laws (On Professional Conduct and Ethics) state that a member in accepting or continuing a professional assignment or occupation, shall always act with integrity, objectivity, independence and impartiality. These fundamental principles form the basic tenets of ethical and professional conduct of all the members.
The members of the Institute are also expected at all times to be straightforward, honest and sincere in their approach to their professional work and not allow any prejudice, bias or influences of others to override their objectivity.
In view of the above and in addressing your question as to whether you can be charged for any wrongdoings even if you acted on instructions, we would like to advise you that you may be in breach of the Institute’s By-Laws, notwithstanding the fact that you were acting on instructions. Acting on instructions from the management and/or your superiors do not absolve your actions and the possible breach of the relevant provisions in the Institute’s By-Laws. If a complaint is lodged against you, the Investigation Committee of the Institute will have to investigate the matter and determine whether there is a prima facie breach of the Institute’s By-Laws.
We would like to suggest that when faced with a significant ethical conflict, you should raise your concerns with your immediate superior and if the immediate superior is involved, in which case the problem should be raised with the next higher managerial level. This would show that you tried to remedy the situation by raising your concerns to the relevant parties. It would also be helpful to have your concerns documented and supported with the relevant evidence.
As a matter of policy, the Institute disclaims responsibility for any comments or statement by any of its staff. The views expressed are based solely on the limited information given to MIA and are intended to assist members solely on an ad hoc basis in resolving members’ enquiries. The views expressed are not the official opinion of MIA, its Council or any of its Committees. Advice given is provided gratuitously and without liability. Neither the MIA, its Council or any of its Committees not its staff shall be responsible or liable for any claims, losses, damages, costs or expenses arising in any way out of or in connection with any persons relying upon the advice given.
We trust that the above is of assistance to you.
Financial Statement Review
FSRC, a committee established by the Council, monitors the quality of financial statements that are prepared by or are the responsibility of members of the Institute for the purpose of determining compliance with statutory and other requirements, approved accounting standards and approved auditing standards and practices.
The FSRC will review
financial statements of all enterprises that are prepared or are the
responsibility of members of MIA, i.e. of public listed companies, non-listed
companies, non-listed public companies, private limited companies and the public
sector business enterprises.
The Committee is also responsible for reviewing the interim financial information and statements referred to the Committee by the Investigation Committee of MIA and/or regulatory bodies such as the Securities Commission, Bursa Malaysia, Suruhanjaya Syarikat Malaysia, Bank Negara, etc.
Besides that, the FSRC, if required, will also pursue a review on matters of public interest which would have been reported in the financial press and/or in the press releases issued by the regulators/other relevant parties. Issues may relate to financial reporting of companies or conduct of the auditors.
Through circular to members or feature article in the Institute’s magazine. Members of the Institute can also download the common findings through Institute website by clicking here.
Yes, the Committee does impose a penalty tariff, which went into effect in 2007. The tariff is divided into three categories. Categories of penalty differentiate the severity of non-compliances. Click here for details.
It provides an alternative pathway into MIA admission for graduates who do not posses a qualification recognised under Part I and Part II of the First Schedule Accountants Act 1967.
An individual shall only be eligible to sit for the MIA QE if he possesses:
|i)||qualification relating to accounting, business or finance recognised by the Public Service Department or other qualifications approved by the MIA Council. The qualification should not be any lower than a first degree.|
|ii)||accounting content in the said qualification is at least 60 per cent of the total qualification.|
Section 15A(1) of
the Accountants Act states that the MIA QE shall be conducted by the Examination
Body that is from the Higher Educational Institutions specified in Part I of the
Third Schedule or the Recognised bodies specified in Part II of that Schedule.
Part I of the Third Schedule consist of the following universities:
|b)||Universiti Kebangsaan Malaysia|
|c)||Universiti Teknologi MARA|
|d)||Universiti Utara Malaysia|
|e)||Universiti Putra Malaysia|
|f)||Universiti Islam Antarabangsa|
|g)||Universiti Sains Malaysia|
II of the Third Schedule refers to:
The recognised body for the purpose of section 15A(1) is the Malaysian Institute of Certified Public Accountants.
At present, the MIA Council has appointed Universiti Teknologi MARA (UiTM) as the Examination Body.
Four (4) papers are required as follows :
|1)||Business & Company Law|
|2)||Auditing and Assurance Services|
|4)||Advanced Financial Accounting & Reporting|
In March and September, twice every calendar year.
Application form can be obtained from the Institute or downloaded from the MIA website, www.mia.org.my under the Qualifying Examination Link. Application can also be made online, however, you are still required to submit the hardcopy of the application form together with the supporting documents which are certified true to the Institute.
At present, MIA has not authorised or approved any party or institution to conduct preparatory courses for the purpose of the MIA QE. It is based on self-study. MIA provides guidelines, syllabus, pilot papers and past years Q & A that can be downloaded from MIA website.
Yes, new applicants may register online. However, the Institute would still require applicants to submit hardcopy of the application form with all the required documents.
|i)||Application for candidacy|
|ii)||nation/ Re-sit fee - RM 200.00 per paper|
|iii)||Re-sit fee : RM 200 per paper|
It will be held at UiTM main campus, its selected branch campuses and MIA branch offices.
Yes. Candidates are expected to complete all four papers within four years from
the date of the first Certificate of Candidacy. Candidates who are unable to
complete all four papers within the first four year period may apply for
extension of time to complete the examination provided that the candidates have
passed one paper within the first four years of the candidacy. The candidates
shall be allowed to renew their Certificate of Candidacy with the prescribed fee
for a further extension of two years and are required to complete the remaining
paper(s) within the next four consecutive examination sittings.
If the candidates fail to complete all four papers within six years they would be required to re-take all four papers without considering the number of paper(s) that the candidates have passed.
Upon completion of all 4 papers, successful candidate will be issued a Certificate of Successful Completion from MIA. To qualify for MIA membership, in addition to obtaining the said certificate, he/she would need 3 years of relevant experience in areas related to accounting.
If you request to withdraw from an examination before the closing date of acceptance of entries, you will obtain certain percentage of refund of the fee paid. Please refer to the Examination Guidelines on the amount entitled for the refund.
If you request to withdraw from an examination after the closing date for acceptance of entries, you will not be entitled to any refund of the fee paid. However, the Examination Committee may grant a refund to a candidate:
(i) on receipt of satisfactory medical evidence by reason of illness;
(ii) in such other circumstances as the Examination Committee may deem fit.
MIA QE Assessment
The MIA QE Assessment is the new assessment methodology for the MIA Qualifying Examination (QE) system which comprises workshop evaluations (40%) and final examination (60%). Candidates are required to attend and participate in the workshop evaluations before they can sit for the final exam.
To provide an improved and effective academic support to the QE candidates via:
(i) A structured and comprehensive Study Text to candidates as study reference
(ii) Self monitoring their performance on a continuous basis
|i)||To help candidates perform better in the final exam;|
|ii)||To enhance candidates understanding on the subject matter;|
|iii)||To provide a structured approach for timely completion of MIA QE;|
|iv)||To ensure graduates of the MIA QE are equipped with other value added soft skills such as communication, teamwork and problem solving.|
All candidates with a valid Certificate of Candidacy are encouraged to enroll.
Candidates are required to register for the workshops and examination at least 4 months before the examination month. The closing dates for both registrations are as follows:
(i) March sitting – 30 November of the previous year
(ii) September sitting – 31 May of the current year
Candidates are required to submit the workshop and examination registration forms with the required fees to MIA. The form can be downloaded at www.mia.org.my or can be obtained from MIA offices.
Yes. In order to be eligible to sit for the MIA QE final examinations, it is compulsory for candidates to attend and participate in the workshops.
The candidates are required to attend for four workshops for each registered paper e.g. Business & Company Law = 8 hours per workshop X 4 workshops = 32 hours.
The workshop will be conducted during weekends; Saturday and Sunday.
The workshops evaluations are in the form of quizzes, assignments, group project paper and group presentation.
(i) Kuala Lumpur – venue to be confirmed
(ii) MIA Regional Offices in Johor Bahru, Penang, Kota Kinabalu and Kuching *minimum required numbers – 10 pax
Candidates should come to the workshop well prepared as suggested below:
|i)||Self study = proposed self learning time for each paper : 8 hours for each workshops (8 hours x 4 workshops = 32 hours)|
|ii)||Practice relevant questions from the MIA QE Study Text, past years’ Q &A and other related references.|
Candidates who require extra guidance are encouraged to attend tuition classes which will be conducted by the approved tuition providers (optional).
No. However, MIA will appoint selected private university/colleges to conduct tuition for the candidates.
You may retain the workshops evaluation marks provided you will sit for the final examination in the next immediate examination sitting.
You may retain the workshop evaluation marks for the following sitting, pending approval of the appeal by the Examination Committee.
(inclusive of the Study Text and Workshop Manual)
|NO||MODE OF PAYMENT||REMARKS|
|1.||EPF||To e-mail MIA requesting supporting letter for EPF withdrawal within 1 month before the workshop starts|
|2.||Credit Card||By faxing the Credit Card Authorisation Form to 03-2279 9380. Click HERE to download the form, or|
|4.||Bank Draft||Should be made payable to ‘MALAYSIAN INSTITUTE OF ACCOUNTANTS’|
|5.||Cash||Walk-in at MIA offices|