Financial Statements Review Committee

Financial Statements Review Committee (FSRC) is a committee established by the Council of MIA. The primary objective of FSRC is to monitor the quality of financial statements and reports that are prepared by or are the responsibility of members of MIA, for the purpose of determining compliance with statutory and other requirements, approved accounting standards and approved auditing standards in Malaysia.

FRSC works closely with the regulators and other regulatory bodies which aim to promote high quality standards in financial reporting. FSRC also looks into matters referred to it by other regulators and may review financial statements where there are public interest issues.

Common findings arising from the reviews are shared with the members with a view to improve the quality of financial reporting.

Terms of Reference of FSRC

Terms of reference of FSRC include undertake review of financial statements, draw attention of members to shortfall or non-compliances, and to refer to Investigation Committee of the Institute and/or other regulatory bodies for further action. Click here for more details.

Members of FSRC

The members of FSRC are listed here.

Penalty Tariff

The FSRC has established a penalty tariff ranging from warning letters to expulsion, to be administered by the Disciplinary Committee. Click here for details of penalty tariff.