Compliance Responses and Action Plans

  • Compliance Responses and Action Plans

    IFAC members and associates have provided self-assessment information about the regulatory and standard-setting framework in their countries (Part 1) and their organizations' activities in addressing IFAC's membership requirements (Part 2) as described in the Statements of Membership Obligations. Based on an analysis of this information, they are developing SMO Action Plans for continuous development and improvement.

    Some organizations have qualified to submit SMO Action Plans on a biennial basis by meeting eligibility criteria. These organizations are indicated with an asterisk (*).

    In the interest of transparency and providing information to the profession, regulators, and other stakeholders, all responses and SMO Action Plans are accessible below.

    Malaysian Institute of Accountants

     

    Introduction

    The information below has been submitted as part of the IFAC Member Body Compliance program. The Program has two components:

    Part 1: Assessment of the Regulatory and Standard-Setting Framework (provides information about regulatory requirements and standard-setting processes in member body countries); and
    Part 2: Assessment of Compliance (provides information on compliance by member bodies with the Statements of Membership Obligations). Part 2 of the Compliance Program will begin later this year, and the results will also be posted to the website.

    The responses to Part 1 are provided below. IFAC staff has reviewed the responses and, where necessary, validated them with external knowledgeable parties. A list of key terms is available to assist readers in understanding the responses.

    The purpose of this Part 1 Assessment is to collect information on the roles of IFAC member bodies and other organizations (including government, regulatory or other appointed authorities) with respect to:

    1. Setting auditing, accounting, ethics, public sector and education standards; and
    2. Regulating the accountancy profession.

    Sections 1 and 2 of Part 1 contain an introduction and instructions for member body respondents. For this reason, they are not included here, and the responses begin with Section 3.

    Questions or comments may be sent to complianceassessment@ifac.org.


    Section 3 -- Member Body General Information

    1. Country:

      MALAYSIA


    2. Name of member body:
      Malaysian Institute of Accountants

      Or please specify name:



    3. Individual responsible for preparation:
      MS HO FOONG MOI


    4. Date member body became a member of IFAC:
      Note: Please enter a numeric date (e.g., 12/2001, Month/Year)

      10 / 1977



    Questions 5 - 22 are for internal use only


    Section 3G -- Affiliations


    23. Please list those regional organizations to which your organization belongs (e.g., FEE, CAPA, ECSAFA, IAA, etc.):
      1. Confederation of Asian and Pacific Accountants (CAPA)
      2. Asean Federation of Accountants (AFA)



    Section 4 -- Statutory Framework


    Responses to this section will provide a description of the legal framework governing the commercial aspects of auditing and financial reporting in your country.

    Section 4A -- The Companies Act or Commercial Code


    The following questions concern the Companies Act (the Act) or Commercial Code (the Code) or similar Legal authority in your country. If no Legal authority exists, or the Legal authority does not address particular questions, please indicate "N/A" for Not Applicable.

    24. What is the full name of:
      a). the Act or the Code: COMPANIES ACT, 1965
      b). the Enacting body: PARLIAMENT OF MALAYSIA: Ministry of Domestic Trade & Consumer Affairs and Companies Commission of Malaysia
      c). date the Act or Code came into force: 04 / 1966


    25. How can IFAC obtain a copy of the Act or Code?
      AVAILABLE UPON REQUEST AND AT THE FOLLOWING WEBSITE: WWW.KPDNHEP.GOV.MY


    26. Is the Act or Code available in English?
      Yes   No


    27. What are the types of entities covered by the Act or the Code?
      Please check all that apply.
      Listed entities   Other (please specify):
      Private companies   Other (please specify):
      Governmental   Other (please specify):
      Not-for-profit   Other (please specify):


    28. Is there a requirement for the following entities to prepare annual statutory financial statements? If YES, please describe the financial reporting requirements including the accounting standards to be followed.
      Please check all that apply.
        No Yes (If YES, please describe)
      Listed entities ALL TYPES OF ENTITIES COVERED BY THE ACT ARE REQUIRED TO COMPLY WITH SECTION 166A COMPLIANCE WITH APPROVED ACCOUNTING STANDARDS ISSUED BY TEH MALAYSIAN ACCOUNTING STANDARDS BOARD, SECTION 169 PROFIT AND LOSS ACCOUNT AND BALANCE SHEET WHICH HAVE BEEN DULY AUIDTED, AND DIRECTORS REPORT; AND THE NINTH SCHEDULE OF THE ACT
      Private companies ALL TYPES OF ENTITIES COVERED BY THE ACT ARE REQUIRED TO COMPLY WITH SECTION 166A COMPLIANCE WITH APPROVED ACCOUNTING STANDARDS, SECTION 169 PROFIT AND LOSS ACCOUNT, BALANCE SHEET AND DIRECTORS REPORT; AND THE NINTH SCHEDULE OF THE ACT
      Governmental ALL TYPES OF ENTITIES COVERED BY THE ACT INCLUDING GOVERNMENTAL ENTITIES THAT ARE STRUCTURED AS A COMPANY ARE REQUIRED TO COMPLY WITH SECTION 166A COMPLIANCE WITH APPROVED ACCOUNTING STANDARDS, SECTION 169 PROFIT AND LOSS ACCOUNT, BALANCE SHEET AND DIRECTORS REPORT; AND THE NINTH SCHEDULE OF THE ACT
      Not-for-profit ALL TYPES OF ENTITIES COVERED BY THE ACT INCLUDING NOT FOR PROFIT ENTITIES ARE REQUIRED TO COMPLY WITH SECTION 166A COMPLIANCE WITH APPROVED ACCOUNTING STANDARDS, SECTION 169 PROFIT AND LOSS ACCOUNT, BALANCE SHEET AND DIRECTORS REPORT; AND THE NINTH SCHEDULE OF THE ACT
      Other (please describe)
      Other (please describe)


    29. Is there a statutory requirement for the following entities to be audited? If YES, describe the requirement including the auditing standards to be followed:
      Please check all that apply.
        No Yes (If YES, please describe)
      Listed entities ALL TYPES OF ENTITIES COVERED BY THE ACT ARE REQUIRED TO COMPLY WITH SECTION 166A COMPLIANCE WITH APPROVED ACCOUNTING STANDARDS, SECTION 169 PROFIT AND LOSS ACCOUNT, BALANCE SHEET AND DIRECTORS REPORT; AND THE NINTH SCHEDULE OF THE ACT
      Private companies ALL TYPES OF ENTITIES COVERED BY THE ACT ARE REQUIRED TO COMPLY WITH SECTION 166A COMPLIANCE WITH APPROVED ACCOUNTING STANDARDS, SECTION 169 PROFIT AND LOSS ACCOUNT, BALANCE SHEET AND DIRECTORS REPORT; AND THE NINTH SCHEDULE OF THE ACT
      Governmental ALL TYPES OF ENTITIES COVERED BY THE ACT INCLUDING GOVERNMENTAL ENTITIES THAT ARE STRUCTURED AS ENTITIES ARE REQUIRED TO COMPLY WITH SECTION 166A COMPLIANCE WITH APPROVED ACCOUNTING STANDARDS, SECTION 169 PROFIT AND LOSS ACCOUNT, BALANCE SHEET AND DIRECTORS REPORT; AND THE NINTH SCHEDULE OF THE ACT
      Not-for-profit ALL TYPES OF ENTITIES COVERED BY THE ACT INCLUDING NOT FOR PROFIT ENTITIES THAT ARE STRUCTURES AS ENTITIES ARE REQUIRED TO COMPLY WITH SECTION 166A COMPLIANCE WITH APPROVED ACCOUNTING STANDARDS, SECTION 169 PROFIT AND LOSS ACCOUNT, BALANCE SHEET AND DIRECTORS REPORT; AND THE NINTH SCHEDULE OF THE ACT
      Other (please describe)
      Other (please describe)


    30. Are the auditors ("statutory auditors") that are appointed for audits required by the Act or Code ("statutory audits") appointed for a specific period?
      Yes   No
      If YES, please indicate the term of appointment: 1 Year(s)


    31. Who appoints the statutory auditors?
      Please check all that apply.
      Shareholders   Management
      Board of directors   Other (please specify):
      Audit committee   Other (please specify):
      Government agency   Other (please specify):


    32. Does the Act or Code require joint auditors for the statutory audit?
      Yes   No
      If yes, please describe the requirement:


    33. Does the Act or Code require the rotation of the auditors or audit firms performing statutory audits?
      Yes   No
      If yes, please describe the requirement:



    Section 4B -- Securities Market Regulations


    Responses to this section will provide a description of the financial reporting and auditing requirements for listed entities in your country.

    34. What are (a) the major items of Legal authority for such requirements, (b) the Enacting body(ies) and (c) the latest amendment date? Please identify the specific articles or sections that pertain to auditing and financial reporting:
    1. the major items of Legal authority for such requirements

      (i) THE SECURITIES INDUSTRY ACT, 1983 & REGULATIONS;

      (ii) THE CONTINUING LISTING REQUIREMENT RULES UNDER THE BURSA MALAYSIA BERHAD (FORMERLY KNOWN AS THE KUALA LUMPUR STOCK EXCHANGE) ISSUED PURSUANT TO DELEGATED POWERS UNDER THE SECURITIES INDUSTRY ACT, 1983 (CHAPTER 9 - CONTINUING DISCLOSURES)

      (iii) BANKING AND FINANCIAL INSTITUTIONS ACT 1989 (SECTIONS 40-43)

      (iv) INSURANCE ACT 1996 (SECTIONS 74 - 95)

    2. the Enacting body(ies)

      (i) MINISTRY OF FINANCE AND SECURITIES COMMISSION ESTABLISHED UNDER THE SECURITIES ACT 1993

      (ii) BURSA MALAYSIA SECURITIES BERHAD

      (iii) MINISTRY OF FINANCE AND CENTRAL BANK OF MALAYSIA

      (iv) MINISTRY OF FINANCE AND CENTRAL BANK OF MALAYSIA

    3. the latest amendment date?

      (i) SECURITIES INDUSTRY ACT 12/ 2003
      (ii) LISTING REQUIREMENTS OF BMSB 04/2004
      (iii)BANKING AND FINANCIAL INSTITUTIONS ACT 07/2001

      (iv) INSURANCE ACT 09/2000


    35. How can IFAC obtain a copy of the Legal authority?
      AVAILABLE UPON REQUEST AND AT THE FOLLOWING WEBSITES:
      (i) Available at www.sc.com.my
      (ii) Available at www.bursamalaysia.com
      (iii) Available at www.bnm.gov.my
      (iv) Available at www.bnm.gov.my


    36. Is the Legal authority available in English?
      Yes   No


    37. Are there any additional or alternative financial statement reporting requirements for listed entities that are not described in your answer to Question 28?
      Yes   No
      If YES, please describe the requirement:
      All listed companies are required under the Listing Requirements of Bursa Malaysia Securities Berhad to submit their annual audited financial statements as well as quarterly reports to the Exchange for public release.

      The Securities Industry Act 1983 (section 99D) also requires listed companies to submit their audited annual financial statements as well as interim and periodic financial reports promptly to the Securities Commission.

      Similar financial reporting requirements are imposed on banking and financial institutions under the Banking and Financial Institutions Act 1989, and on insurance companies under the Insurance Act 1996. The financial statements are required to be submitted to the Central Bank of Malaysia. In addition, these institutions are required to comply with the financial reporting requirements prescribed by the Central Bank of Malaysia. (See Appendix 9 & 10)


    38. Are there any additional auditing requirements that apply to listed entities other than those described in your answer to Question 29 (e.g., additional GAAS requirements, additional independence requirements, requirements to report to those charged with governance, etc.)?
      Yes   No
      If YES, please describe the requirement:


    39. Who appoints the statutory auditors of listed entities?
      Please check all that apply.
      Shareholders   Management
      Board of directors   Other (please specify):
      Audit committee   Other (please specify):
      Government agency   Other (please specify):


    40. Are auditors who perform audits of listed entities appointed for a specified period?
      Yes   No
      If YES, please indicate the term of appointment: 1 Year(s)


    41. Are joint auditors required for audits of listed entities?
      Yes   No
      If YES, please describe the requirement:


    42. Is rotation of the auditor or audit firm for audits of listed entities required?
      Yes   No
      If YES, please describe the requirement:
      EXPLANATORY REMARK FOR ANSWER YES IN THE NEAR FUTURE, MIA IS ISSUING A NEW BY-LAW ON PROFESSIONAL INDEPENDENCE WHICH WILL REQUIRE THE ROTATION OF AUDIT PARTNERS PERFORMING STATUTORY AUDITS OF LISTED AND PUBLIC INTEREST ENTITIES, EVERY 5 YEARS. Rotation of auditors is required for banking and financial institutions and insurance companies. In accordance with the requirements of the Central Bank of Malaysia, the engagement partner for the audit of such institutions should be rotated after a period of not more than 5 years and that the engagement partner may resume his role only after a lapse of 5 years (cooling-off period) from his last audit engagement



    Section 5 -- Auditing Standards


    Responses to this section will provide a description of the legal and professional framework governing audit and other assurance standards in your country. The section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

    Section 5A -- Statutory Framework


    43. Please provide the name of the Legal authority and/or self-regulatory rules that establish audit and other assurance standards in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting audit and other assurance standards. If the standards are different for different entities (e.g., listed entities, private companies, governmental bodies, not-for-profit organizations, etc.), please specify the details that apply to each:
      Type of entity Name of
      applicable
      legal
      authority
      Date of last
      amendment
      (e.g. MM/YYYY 06/2001)
      Name of body responsible
      for setting audit and
      other assurance standards
      Listed entity ACCOUNTANTS ACT, 1967 04/2004 MALAYSIAN INSTITUTE OF ACCOUNTANTS
      Other (please describe) Non-listed entities and Private companies Same as above Same as above MALAYSIAN INSTITUTE OF ACCOUNTANTS
      Other (please describe) Governmental Bodies Audit Act 1957 01/2002 AUDITOR GENERAL'S DEPARTMENT
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      AVAILABLE UPON REQUEST

      b. Are the documents available in English?
      Yes   No


    Section 5B -- Standard-Setting (MALAYSIAN INSTITUTE OF ACCOUNTANTS)


    44. For MALAYSIAN INSTITUTE OF ACCOUNTANTS, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      STATUTORY BODY ESTABLISHED UNDER THE ACCOUNTANTS ACT, 1967

      b. Name of standards

      MALAYSIAN APPROVED STANDARDS ON AUDITING.

      National standards are essentially the ISAs but will include national requirements where necessary. Explanatory foreword material contains the local requirements.


    45. How many voting members does the standard-setting body have?
      30


    46. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    47. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      (a) the Accountant General, Malaysia, or his nominee;

      (b) not more than five members appointed from the higher educational institutions specified in Part I of the Third Schedule;

      (c) the President of the Malaysian Institute of Certified Public Accountants;

      (d) three members appointed from amongst the Presidents of the local branches of the recognised bodies specified in Part II of the First Schedule;

      (e) one member appointed from amongst the members of the council of the Malaysian Institute of Certified Public Accountants, other than its President;

      (f) not more than nine other members appointed from amongst suitably qualified persons; and

      (g) ten members elected at the annual general meeting of MIA in accordance with the rules of MIA.


    48. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      Voluntary. Note: OUT OF 30 MEMBERS, 20 ARE APPOINTED AND 10 ARE ELECTED BY MEMBERS AT THE ANNUAL GENERAL MEETING OF MIA.


    49. What is the term of appointment for members?
      4 Year(s)


    50. For how many years has the standard-setting body been in existence?
      37 Year(s)


    51. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      21,000

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      3.80



    52. To what entity is the standard-setting body accountable?
      THE MINISTRY OF FINANCE AND TO THE MEMBERS OF MIA


    53. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards



    2. accessibility of meetings (i.e., public or private)

      Members of the MIA-MICPA JWGA and AAC represent the different areas in the profession i.e. practitioners, academician and from commerce and industry.

      Meetings of the JWGA, AAC and Council are private meetings.


    3. approval process for final standards (i.e., majority required to approve final standards)



    4. other relevant due process activities

      See the following diagram which describes the due process.


    54. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      12 Day(s)


    Section 5B -- Standard-Setting (AUDITOR GENERAL'S DEPARTMENT)


    44. For AUDITOR GENERAL'S DEPARTMENT, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      A government department. For detailed information please contact the Auditor General's Department.

      b. Name of standards



    45. How many voting members does the standard-setting body have?


    46. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    47. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?


    48. Who appoints these members (e.g., member body, government, user, regulator, etc.)?


    49. What is the term of appointment for members?
      Year(s)


    50. For how many years has the standard-setting body been in existence?
      Year(s)


    51. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)



    52. To what entity is the standard-setting body accountable?


    53. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards



    2. accessibility of meetings (i.e., public or private)



    3. approval process for final standards (i.e., majority required to approve final standards)



    4. other relevant due process activities



    54. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      Day(s)



    Section 6 -- Ethics


    Responses to questions in this section will provide a description of the legal and professional framework governing ethics standards for accountants in your country. This section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

    Section 6A -- Statutory Framework


    55. For each of the following types of professionals, please indicate the name of the Legal authority and/or self-regulatory rules establishing ethics standards for accountants and auditors in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting the ethics standards.
      Type of professional covered Name of
      applicable
      legal
      authority
      Date of last
      amendment
      (e.g. MM/YYYY 06/2001)
      Name of body responsible
      for setting ethics standards
      Professional Accountants in Public Practice ACCOUNTANTS ACT 1967 / BY LAWS (ON PROFESSIONAL CONDUCT AND ETHICS) 05/2004 MALAYSIAN INSTITUTE OF ACCOUNTANTS
      Professional Accountants in Business ACCOUNTANTS ACT 1967 / BY LAWS (ON PROFESSIONAL CONDUCT AND ETHICS) 04/2004 MALAYSIAN INSTITUTE OF ACCOUNTANTS
      Professional Accountants in the Public Sector ACCOUNTANTS ACT 1967 / BY LAWS (ON PROFESSIONAL CONDUCT AND ETHICS) 04/2004 MALAYSIAN INSTITUTE OF ACCOUNTANTS
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      AVAILABLE UPON REQUEST

      b. Are the documents available in English?
      Yes   No


    Section 6B -- Standard-Setting (MALAYSIAN INSTITUTE OF ACCOUNTANTS)


    56. For MALAYSIAN INSTITUTE OF ACCOUNTANTS, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      STATUTORY BODY ESTABLISHED UNDER THE ACCOUNTANTS ACT, 1967.

      Under the Accountants Act, MIA is required to regulate the profession. Another section gives the MIA Council the right to issue bylaws to inculcate the sound practice of accountancy and to prevent illegal or dishonourable practices.


      b. Name of standards

      BY-LAWS (ON PROFESSIONAL CONDUCT AND ETHICS)


    57. How many voting members does the standard-setting body have?
      30


    58. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    59. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      CRITERIA COVERS BEST PERSON FOR THE JOB, SECTOR OF THE PROFESSION, ACADEMIC, REGULATORS


    60. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      Voluntary. Note: OUT OF 30 MEMBERS, 20 ARE APPOINTED AND 10 ARE ELECTED BY MEMBERS AT THE ANNUAL GENERAL MEETING OF MIA.


    61. What is the term of appointment for members?
      4 Year(s)


    62. For how many years has the standard-setting body been in existence?
      37 Year(s)


    63. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      21,000

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      3.80



    64. To what entity is the standard-setting body accountable?
      THE MINISTRY OF FINANCE AND TO THE MEMBERS OF MIA


    65. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      The relevant part(s) of the IFAC Code of Ethics will be first reviewed by the Ethics Committee.

      Upon its review, an exposure draft (ED) will be drafted based on the IFAC Code of Ethics, and submitted to the Ethics Committee for its review and approval.

      The ED will then be submitted to Council for final approval for issuance to members and interested parties. The exposure period will normally be 3 months


    2. accessibility of meetings (i.e., public or private)

      Meetings of the Ethics Committee and Council are private meetings

    3. approval process for final standards (i.e., majority required to approve final standards)



    4. other relevant due process activities

      Other regulators may also be consulted in this process.


    66. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      12 Day(s)



    Section 7 -- Education


    Responses to questions in this section will provide a description of how education requirements for the profession are established. Please indicate the role your organization plays within this process.

    Section 7A -- Education Requirements


    67. Please describe in general terms the education system in your country including the different stages of education from early childhood education through to tertiary level study. Please indicate which aspects / levels are compulsory as part of the national education system:


    68. Is there a legal authority or regulation that specifies the requirements for an individual to operate as an accountant or auditor in your country?
      Yes   No

      If YES, please provide the name and describe the requirements, including any relating to education, experience or qualifications.



    69. Please select from below all the relevant key levels of requirements to obtain certification from your member body (i.e. to qualify as a certified or chartered accountant) and provide a general description of the requirement.
      Academic requirements
      ACCOUNTING GRADUATES FROM THE RECOGNIZED UNIVERSITIES UNDER PART I OF THE FIRST SCHEDULE TO THE ACCOUNTANTS ACT, 1967
      Professional examinations
      COMPLETED THE PROFESSIONAL EXAMINATIONS CONDUCTED BY ANY OF THE PROFESSIONAL ACCOUNTING BODIES RECOGNIZED UNDER PART II OF THE FIRST SCHEDULE TO THE ACCOUNTANTS ACT, 1967
      Practical experience
      Final qualifying examination
      GRADUATES OF THE ACCOUNTANCY/BUSINESS/FINANCE QUALIFICATION FROM THE UNIVERSITIES RECOGNIZED BY THE PUBLIC SERVICE DEPARTMENT OF THE GOVERNMENT AND MUST FULFILL THE ELIGIBILITY REQUIREMENT SET BY MIA.
      Other (please describe)


    70. Which of the following arrangements best describes who establishes the education requirements for the accounting profession in your country? Please select one option.
      A government ministry, department or agency establishes education requirements for the accounting profession with no additional requirements set by the member body(ies).
      A government ministry, department or agency establishes minimum education requirements for the accounting profession, and member body(ies) supplement these requirements.
      Member body(ies) establishes the education requirements for the accounting profession.
      Other (please describe)


    71. Please provide the name(s) of the relevant body in the government ministry, department, agency and / or member body who establishes the education requirements.
      1. Ministry of Higher Education (MOHE)

      2. Institutions of Higher Learning (IHLs)

      3. Malaysian Institute of Accountants (MIA)

    1. A general description of the role of the relevant body(ies) including how it operates and its due process in establishing the education requirements.

      1. The Quality Assurance Division (QAD) of the Ministry of Education was established in April 2002 as the national agent responsible for managing and coordinating the quality assurance system for public universities.

      The mission of the Malaysian Universities Quality Assurance Division is to promote the confidence in public that the quality of provision and standards of awards in higher education are being safeguarded and enhanced.

      2. There are nine Public Universities where the degrees of the Bachelor of Accounting are recognized by MIA and are listed in Part I of the First Schedule to the Accountants Act, 1967.
      These universities were established under the Universities Act. Each university has their own academic affairs where among its functions is to establish the education requirements for each programme offered by the university.

      3. The Malaysian Institute of Accountants is a statutory body established under the Accountants Act, 1967 and is vested with the following functions under Section 6 of the Act:-
      (a) To determine the qualifications of persons for admission as members;

      (b) To provide for the training and education by the Institute or any other body, of persons practicing or intending to practice the profession of accountancy;

      (c) To approve the Malaysian Institute of Accountants Qualifying Examination and to regulate and supervise the conduct of that Examination;

      (d) To regulate the practice of the profession of accountancy in Malaysia;

      (e) To promote, in any manner it think fits, the interests of the profession of accountancy in Malaysia;

      (f) To render pecuniary or other assistance to members or their dependants as it thinks fit with a view of protecting or promoting the welfare of members; and

      (g) Generally, do such acts as it thinks fit for the purpose of achieving any of the aforesaid objects.

    2. How many voting members does the relevant body(ies) have

    3. Are the members of the relevant body(ies) involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:

    4. For how many years has the body been in existence?

      1 Year(s)


    72. How would you describe the authority that the education requirements have?
      Requirements are legally-based
      Requirements are set in the constitution, by-laws or other rules of the relevant body(ies).
      Requirements are set in member body(ies) policy document(s).
      Other (please describe)

    72 a. How can IFAC obtain copies of these documents?
      AVAILABLE UPON REQUEST

    72 b. Are these documents available in English?
      Yes   No


    73. Are the education requirements for accountants and auditors the same throughout your country, or do they differ among regions, provinces or states?
      Same   Different
      If different, please briefly describe the main differences:


    74. Please indicate the scenario that best describes who delivers the education and examination process for members of the profession. Please only select one option.
      The education program and final examination are delivered by the member body.
      The education program and final examination are delivered by the member body and other education institutions (e.g., universities, colleges, and others).
      The education program and final examination are delivered by education institutions (e.g., universities, colleges, and others).
      Other (please explain)


    75. Once qualified as a member of your professional body, can members offer their services directly to the public?
      Yes   No



    Section 7B -- Licensing


    76. Are there licensing requirements for auditors in your country?
      Yes (continue with Question 77)   No (proceed to Section 8)


    77. Who sets the requirements to obtain a license?
      THE MINISTRY OF FINANCE


    78. What are the requirements to obtain a license (please select all relevant requirements.)?
      Academic study specific for obtaining a license
      Practical experience
      Licensing examination
      Final qualifying examination
      Other (please describe)
      (i) RESIDENTIAL STATUS

      (ii) SUCCESSFUL COMPLETION THROUGH AN INTERVIEW PROCESS


    79. Are there ongoing requirements to retain a license?
      Yes   No

      If YES, please select all relevant requirements.
      Continuing professional development
      Re-examination
      Other (please specify): CONTINUING MEMBERSHIP WITH MIA


    80. What entity grants the license?
      THE MINISTRY OF FINANCE


    81. Describe any additional licensing requirements for auditors of listed entities (e.g., additional education requirements, registration, etc.).
      None



    Section 8 -- Public Sector Accounting Standards


    Responses to this section will provide a description of the legal and professional framework governing public sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate, where appropriate, the role of your organization within this framework.

    Section 8A -- Statutory Framework


    82. Please provide the name of the Legal authority and/or self-regulatory rules establishing public sector accounting standards in your country, the date of last amendment and the name of the body responsible for setting public sector accounting standards. If the standards are different for different entities (e.g., whole of government, ministry/department, statutory authority/agency, profit entity owned by government, state governments, local governments, other [please specify]), please specify the details that apply to each.
      Type of entity Name of
      legal
      authority
      Date of last
      amendment
      (e.g. MM/YYYY 06/2001)
      Name of body responsible
      for setting public sector
      accounting standards
      Whole of government - PUBLIC SECTOR ACCOUNTING STANDARDS COMMITTEE (PSASC)
      Ministry/department - PUBLIC SECTOR ACCOUNTING STANDARDS COMMITTEE (PSASC)
      Statutory authority/agency MALAYSIAN ACCOUNTING STANDARD BOARD (MASB) 03/1997 MASB
      Profit entity owned by government MASB 03/1997 MASB
      State governments - PUBLIC SECTOR ACCOUNTING STANDARDS COMMITTEE (PSASC)
      Local governments MASB 03/1997 MASB
      Other (please describe)
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      AVAILABLE UPON REQUEST

      b. Are the documents available in English?
      Yes   No


    Section 8B -- Standard-Setting (PUBLIC SECTOR ACCOUNTING STANDARDS COMMITTEE (PSASC))


    83. For PUBLIC SECTOR ACCOUNTING STANDARDS COMMITTEE (PSASC), please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      (1) AGD A DEPARTMENT UNDER THE MINISTRY OF FINANCE PUBLIC SECTOR ACCOUNTING STANDARDS

      (2) MASB STATUTORY BODY UNDER THE FINANCIAL REPORTING ACT, 1997


      b. Name of standards

      (1) PUBLIC SECTOR ACCOUNTING STANDARDS
      CASH BASIS

      (2) MASB STANDARD
      ACCRUAL BASIS


    84. How many voting members does the standard-setting body have?
      10


    85. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe: OTHERS: MEMBERS OF PSASC CONSISTS OF ACCOUNTANT GENERAL, DEPUTY ACCOUNTANT GENERAL AND DIRECTORS OF VARIOUS DIVISION OF AGD


    86. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      SECTOR OF THE PROFESSION AND BEST PERSON FOR THE JOB


    87. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      GOVERNMENT


    88. What is the term of appointment for members?
      1 Year(s)


    89. For how many years has the standard-setting body been in existence?
      13 Year(s)


    90. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      32,000

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      3.80



    91. To what entity is the standard-setting body accountable?
      THE MINISTRY OF FINANCE


    92. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      EXPOSURE DRAFTS WERE CIRCULATED TO ACCOUNTANTS IN FEDERAL, STATE AND LOCAL GOVERNMENT AND ACADEMIA FOR COMMENTS.

    2. accessibility of meetings (i.e., public or private)

      PUBLIC

    3. approval process for final standards (i.e., majority required to approve final standards)

      APPROVED BY THE PUBLIC SECTOR ACCOUNTING STANDARDS COMMITTEE

    4. other relevant due process activities

      -


    93. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      20 Day(s)


    Section 8B -- Standard-Setting (MASB)


    83. For MASB, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      SEE SECTION 9

      b. Name of standards



    84. How many voting members does the standard-setting body have?


    85. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    86. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?


    87. Who appoints these members (e.g., member body, government, user, regulator, etc.)?


    88. What is the term of appointment for members?
      Year(s)


    89. For how many years has the standard-setting body been in existence?
      Year(s)


    90. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)



    91. To what entity is the standard-setting body accountable?


    92. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards



    2. accessibility of meetings (i.e., public or private)



    3. approval process for final standards (i.e., majority required to approve final standards)



    4. other relevant due process activities



    93. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      Day(s)



    Section 9 -- Private Sector Accounting Standards


    Responses to the questions in this section will provide a description of the legal, statutory and professional framework governing private-sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate what role your organization plays within this framework.

    Section 9A -- Statutory Framework


    94. Please provide the name of the Legal authority and/or self-regulatory rules that establish private-sector accounting standards in your country, the date of last amendment, and the name of the body responsible for setting private sector accounting standards. If the standards are different for different entities (for example, listed entities, private companies, governmental organization, not for profit organizations, etc.), please specify the requirements that apply to each.
      Type of entity Name of legal
      authority or
      applicable
      rules
      Date of last
      amendment
      (e.g. MM/YYYY 06/2001)
      Name of body responsible
      for setting private sector
      accounting standards
      Listed entity FINANCIAL REPORTING ACT, 1997 03/1997 MALAYSIAN ACCOUNTING STANDARDS BOARD (MASB)
      Other (please describe) Non-listed and private companies FINANCIAL REPORTING ACT, 1997 03/1997 MALAYSIAN ACCOUNTING STANDARDS BOARD (MASB)
      Other (please describe)
      Other (please describe)
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      AVAILABLE UPON REQUEST

      b. Are the documents available in English?
      Yes   No


    Section 9B -- Standard-Setting (MALAYSIAN ACCOUNTING STANDARDS BOARD (MASB))


    95. For MALAYSIAN ACCOUNTING STANDARDS BOARD (MASB), please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      STATUTORY BODY UNDER THE FINANCIAL REPORTING ACT, 1997

      b. Name of standards

      MASB STANDARDS


    96. How many voting members does the standard-setting body have?
      8


    97. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe: OTHERS - APPOINTED


    98. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?


    99. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      THE MINISTRY OF FINANCE


    100. What is the term of appointment for members?
      3 Year(s)


    101. For how many years has the standard-setting body been in existence?
      7 Year(s)


    102. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      0

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      3.80



    103. To what entity is the standard-setting body accountable?
      THE MINISTRY OF FINANCE


    104. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      REFERENCE IS TO BE MADE TO MASB

    2. accessibility of meetings (i.e., public or private)

      REFERENCE IS TO BE MADE TO MASB

    3. approval process for final standards (i.e., majority required to approve final standards)

      REFERENCE IS TO BE MADE TO MASB

    4. other relevant due process activities

      REFERENCE IS TO BE MADE TO MASB


    105. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      1 Day(s)



    Section 10 -- Monitoring (Quality Assurance) and Enforcement


    Responses to the questions in this section will provide a description of the legal and professional framework governing regulation of the profession in your country. Please indicate what role your organization plays within this framework.

    Section 10A -- Securities Market Regulatory Authority


    106. Name the authority that regulates the securities market:
      SECURITIES COMMISSION


    107. What responsibilities does this organization have for monitoring and enforcing compliance with accounting, reporting or auditing requirements? Please identify the Legal authority that establishes that responsibility:
      THE SECURITIES INDUSTRY ACT, 1983 GIVES THE SECURITIES COMMISSION THE POWER TO MONITOR AND ENFORCE COMPLIANCE WITH ACCOUNTING, REPORTING AND AUDITING REQUIREMENTS.


    108. Briefly describe the role of the regulatory authority as it relates to the following:
    1. regulation of the audit profession



    2. accounting and auditing standard-setting

      THE SECURITIES COMMISSION IS ALSO REPRESENTED IN THE ACCOUNTING & AUDITING COMMITTEE OF MIA.

    3. review of financial statements prepared by listed entities, and monitoring of their compliance with the accounting and disclosure requirements

      THE SECURITIES COMMISSION HAS A DEDICATED DEPARTMENT WHICH REVIEWS THE FINANCIAL STATEMENTS OF LISTED ENTITIES ON A PERIODIC BASIS.



    Section 10B -- Stock Exchange


    109. Name the four largest stock exchangers (by market capitalization) and whether it is organized as a profit or not-for-profit organization:
      Profit Not
      for
      profit
      Stock Exchange
      BURSA MALAYSIA BERHAD



    Section 10B -- Stock Exchange
    BURSA MALAYSIA BERHAD Details


    110. For BURSA MALAYSIA BERHAD, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?
      Yes   No

      If YES, please describe the following:

    1. How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.

      THE FUNCTION OF MONITORING AND ENFORCEMENT OF FINANCIAL REPORTING, ACCOUNTING AND AUDITING HAS SINCE BEEN TRANSFERRED TO THE SECURITIES COMMISSION FOLLOWING THE DEMUTUALISATION OF THE EXCHANGE AND THE EVENTUAL FLOTATION OF THE EXCHANGE AS A PUBLIC LISTED ENTITY.

    2. The consequences of non-compliance with the financial reporting, accounting or auditing requirements.

      THE FUNCTION OF MONITORING AND ENFORCEMENT OF FINANCIAL REPORTING, ACCOUNTING AND AUDITING HAS SINCE BEEN TRANSFERRED TO THE SECURITIES COMMISSION FOLLOWING THE DEMUTUALISATION OF THE EXCHANGE AND THE EVENTUAL FLOTATION OF THE EXCHANGE AS A PUBLIC LISTED ENTITY.

    3. How enforcement actions are administered.

      THE FUNCTION OF MONITORING AND ENFORCEMENT OF FINANCIAL REPORTING, ACCOUNTING AND AUDITING HAS SINCE BEEN TRANSFERRED TO THE SECURITIES COMMISSION FOLLOWING THE DEMUTUALISATION OF THE EXCHANGE AND THE EVENTUAL FLOTATION OF THE EXCHANGE AS A PUBLIC LISTED ENTITY.



    Section 10C -- Regulatory Oversight of the Accounting Profession


    111. Has an audit profession oversight body been established (e.g., to oversee the external quality assurance review process, etc.)?
      Yes   No

      If NO, proceed to the next section.

      If YES, please describe :

    1. What are the name and duties of the oversight body?

      There are discussions being initiated by the Securities Commission for the creation of a public oversight body or process to oversee the quality of audits in the country.

    2. The number of members on the oversight body



    3. Its powers



    4. How the oversight body conducts or oversees a program of inspections to assess the degree of compliance of each audit firm/auditor with applicable auditing standards and regulations



    5. The sanctions the oversight body may impose in the event of non-compliance



    6. How the oversight body is accountable to any public institution or body



    Section 10D -- Banks Regulatory Authority


    112. Name the authority that regulates the banks and similar financial institutions. Discuss how this authority differentiates between accounting requirements for regulatory reporting and general purpose external financial reporting:
      The annual financial statements of the financial institutions are required by BNM to comply with the MASB standards. The financial institutions submit certain information to BNM for statistical compilation purposes on a monthly basis. Reconciliation is required by BNM for certain key figures in the statistical compilation and the disclosures in the annual statutory financial statements in the financial-year end submission to BNM.


    113. Discuss briefly the legal requirements with respect to monitoring and enforcement by the regulatory authority of accounting and auditing standards that apply to the banks and similar financial institutions:
      Audit Planning Memorandums for the statutory audits of annual financial statements of the financial institutions are submitted to BNM for information. Meetings are also held between BNM and the statutory auditors to address any specific matters identified. As stated under Section 40(13) of the BAFIA, BNM may enlarge or extend the scope of the statutory audit of the business and affairs of the financial institutions in such manner or to such extent as BNM may specify. In addition, BNM may prescribe additional requirements (both accounting treatments and disclosures in the financial statements). The understanding is that the prescribed additional requirements should be consistent with the requirements by the MASB. The Guidelines issued by BNM on the Specimen Financial Statements for the Banking Industry are presented as Guideline BNM/GP8. The financial statements of the financial institutions, including the un-audited quarterly financial reporting, must be approved by BNM before being released. It is the understanding that, whilst the BNM places reliance on the statutory auditors in ensuring compliance with the approved accounting standards, BNM normally performs its own detailed review, and issues its own reports in accordance with CAMEL framework.


    114. Briefly describe the role of the regulatory authority as it relates to the following:
    1. regulation of the audit profession

      Approval from BNM is required for the appointment of external auditors, including the annual re-appointment of external auditors. BNM requires a 5-year rotation plus a 5-year cooling-off period for the engagement audit partners of financial institutions. The issue of audit licences is reviewed and regulated by a designated panel under the Treasury of the Government of Malaysia, BNM is an invitee of the said panel.

    2. accounting and auditing standard-setting

      Representative from BNM is normally included in the working groups of MASB for the setting of accounting standards, particularly for the accounting standards that are expected to have material effect(s) on the financial statements of financial institutions.

    3. review of financial statements prepared by listed entities

      Implicit in obtaining the approval from BNM for the issuance of financial statements by the financial institutions (as explained in question 113 above) is the need to fully comply with the accounting, auditing and other relevant reporting requirements. Also, as stated in question 112 above, compliance with the approved accounting standards is a statutory requirement and is hence, mandatory.

    4. enforcement of accounting, reporting and auditing requirements

      Implicit in obtaining the approval from BNM for the issuance of financial statements by the financial institutions (as explained in question 113 above) is the need to fully comply with the accounting, auditing and other relevant reporting requirements. Also, as stated in question 112 above, compliance with the approved accounting standards is a statutory requirement and is hence, mandatory.



    Section 10E -- Non-Banking Financial Institutions Regulatory Authority


    115. Name the regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on non-banking institutions.
      Bank Negara Malaysia (BNM)./ Central Bank is the regulator for selected development financial institutions as may be prescribed by the Minister of Finance by order published in the Gazette. As the development financial institutions are normally also statutory bodies, they may be governed by other regulatory authorities as well, e.g. the Accountant General, the Auditor General, the specific ministry responsible for the objectives or activities promoted by the institutions etc. The requirements by BNM on the development financial institutions include the compliance with mandatory approved accounting standards in Malaysia and the submission of annual audited financial statements to the BNM. In addition, if so required by the respective governing regulations, the annual financial statements of certain development financial institutions are required to be presented to the Parliament of Malaysia.


    116. What is the source of Legal authority of the regulatory authority(ies)?
      The source of legal authority for BNM is the Development Financial Institutions Act, 2002. Other regulatory authorities derive their respective authorities from the respective specific Acts that establish the development financial institutions and govern their activities.


    117. Briefly describe the role of the regulatory authority(ies) as it relates to the following:
    1. regulation of the audit profession

      See response to Q114.

    2. accounting and auditing standard-setting

      See response to Q114.

    3. review of financial statements prepared by listed entities

      See response to Q114.

    4. enforcement of accounting, reporting and auditing requirements

      See response to Q114.



    Section 10F -- Insurance Companies Regulatory Authority


    118. Name the regulatory authority responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on insurance companies.
      BANK NEGARA MALAYSIA (BNM) / CENTRAL BANK


    119. What is the source of Legal authority of the regulatory authority(ies)?
      INSURANCE ACT, 1996 & INSURANCE REGULATIONS 1996


    120. Briefly describe the role of the regulatory authority(ies) as it relates to the following
    1. regulation of the audit profession

      With their oversight function over the development of the insurance industry in Malaysia, Bank Negara Malaysia (BNM) / Central Bank with appropriate consultations with the Malaysian Institute of Accountants (MIA) / the Malaysian Institute of Certified Public Accountants (MICPA), regulate the audit profession involved in the insurance industry by prescribing requirements of: i. the contents of the audit reports to be issued on BNM Returns under Section 87 of the Insurance Act; ii. the additional scope of audits to be conducted; and iii. the requirement for rotation of auditors.

    2. accounting and auditing standard-setting

      Accounting BNM actively participates together with MASB, in the development and issuance of Accounting Standards in Malaysia for the insurance industry. Auditing Besides regular consultations with MIA / MICPA, BNM issues additional directives pertaining to audit and training requirements of auditors of insurance companies.

    3. review of financial statements prepared by listed listed entities

      All local incorporated insurers, being public companies, are required to comply with BNM requirements, as well as, that of the Securities Commission (SC) as to capital issues, including those arising from mergers and restructurings. As for listed entities they are required to comply fully with Bursa Malaysias listing requirements.

    4. enforcement of accounting, reporting and auditing requirements

      An insurance companys Directors, Chief Executive Officer and External Auditors are required to be approved by BNM prior to their appointment and the regulator manages the enforcement process by requiring the necessary changes or change / removal of the persons involved. As for Accountants in these functions or roles, they would be also reported to MIA /MICPA, and their respective professional bodies should their performances require any form of disciplinary action.



    Section 10G -- Other Regulatory Authority


    121. Name any other regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements.


    122. What is the source of Legal authority of each regulatory authority?
      The Ministry of Land & Co-operatives Society maintains the register for the auditors of co-operatives whereas the Labuan Off Shore Authority maintains a register of auditors for off shore companies.


    123. Briefly describe the role of the regulatory authority(ies) as it relates to the following
    1. regulation of the audit profession

      The auditors of the co-operative society are required to be a member of the Malaysian Institute of Accountants (MIA) whereas the auditors for off shore companies must be a member of the MIA and they must already possess a valid audit licence issued by the Ministry of Finance.

    2. accounting and auditing standard-setting



    3. review of financial statements prepared by listed listed entities



    4. enforcement of accounting, reporting and auditing requirements




    Section 10H -- Quality Assurance


    124. Does any organization of professional accountants/auditors organize a program of quality assurance review to monitor compliance with accounting, reporting and auditing requirements?
      Yes   No

      If NO, proceed to next Section.

      If YES, briefly describe the monitoring and enforcement mechanism.



    125. Under what authority does the organization conduct the program of quality assurance review?


    126. Who performs the review (e.g., one firm reviewing another firm, staff from the national professional organization, contractors, or a combination of these)?
      A COMBINATION OF INTERNAL STAFF AND EXTERNAL REVIEWERS



    Section 10 I -- Investigation and Discipline


    127. Is there a process for investigating and disciplining the accounting profession in your country?

    128. Which of the following best describes the responsibility for the investigatory and disciplinary function in your country?
      Government or other agencies are solely responsible for this function.
      Government or other agencies have this responsibility, but the member body or bodies participate in the process.
      Government formally delegates this function to the member body or bodies, to exercise on its behalf.
      Member body or bodies have separate and independent processes that operate alongside processes of legal authorities.
      Other (please explain)


    129. Please indicate the name of the body or bodies responsible for investigation and discipline.
      INVESTIGATION COMMITTEE, DISCIPLINARY COMMITTEE, DISCIPLINARY APPEAL BOARD


    Responses to the remaining questions in this Section are required if your organization has responsibility for investigation and disciplinary actions.

    130. How many voting members does the body have?
      15 (5 EACH)


    131. Are the members of the body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    132. What are the criteria considered in selecting members of the body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      BEST PERSON FOR JOB, SECTOR OF THE PROFESSION, ACADEMICIANS


    133. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      MIA COUNCIL


    134. What is the term of appointment for members?
      1 Year(s)


    135. For how many years has the body been in existence?
      16 Year(s)


    136. Please indicate the budget in US$ of the body for the last fiscal year.
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      58,663

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      3.80 (specify currency)



    137. To what entity is the body accountable?



    138. Approximately how many days per year does the body meet in full session (including teleconferences)?
      25 Day(s)



     

     

    Disclaimer

    The information contained within the Part 1 Assessment of the Regulatory and Standard-Setting Framework Questionnaires, Part 2 SMO Self-Assessment Questionnaires, and Part 3 SMO Action Plans are based entirely on information provided to IFAC by the IFAC member or associate to which the information relates. Further, the information has been collected by IFAC for the exclusive use and benefit of IFAC and IFAC's members and associates, but is being made available through this website to the general public in the interest of transparency of the IFAC Member Body Compliance Program. While certain efforts are made to validate the information, IFAC undertakes no obligation to confirm or investigate the completeness or accuracy of any of the content of the questionnaire or action plan, now or at any time in the future. Persons accessing the questionnaire or action plan assume full responsibility for the use of the information set forth herein. IFAC does not make any express or implied warranties or representations whatsoever as to any information provided through the questionnaire or action plan, including, without limitation, that the information contained herein will be error-free. IFAC shall not be liable for any damages, including, without limitation, direct, indirect, incidental, special, punitive or consequential damages, that result in any way from your use or reliance on information provided in the questionnaire or action plan. If you need to rely on the information set forth herein for any purpose, you are urged to confirm the information set forth herein with other sources.

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