Practice Review


Introduction

The MIA is a regulatory body for the accountancy profession in Malaysia. This role is mandated by Section 6 of the Accountants Act 1967 which states the functions of the Institute. In upholding this mandate, the Practice Review Committee of the Institute is specifically tasked to carry out surveillance activities on audit firms registered with the Institute to ensure that audit practitioners are adhering to international auditing standards, legal and regulatory requirements when they perform their audit work. It is appropriate to add that MIA is required to set up a quality assurance programme in Malaysia to comply with its membership obligations of IFAC.

In carrying out their audit work in accordance with international auditing standards, auditors are required to exercise their skills with due care and diligence to avoid any risk of negligence associated with their work that may affect their professional reputation and credibility. Auditors demonstrate their skills through the application of professional scepticism, analytical review and good judgemental skills, leading inevitably to high audit quality.