Malta Institute of Accountants

All quality assurance (QA) reviews in Malta are undertaken by the Accountancy Board through its Quality Assurance Unit (QAU). As noted in the jurisdiction-level adoption assessment, the QA review system is established under the national regulatory framework and operates on a risk basis, with reviews carried out for statutory auditors and audit firms. The Malta Institute of Accountants (MIA) does not have direct responsibility for operating the QA system and its primary role is therefore to support the Accountancy Board’s efforts and assist members with implementation of quality management and auditing requirements.

The MIA continues to support implementation through technical education and collaboration with the regulator. In 2026, the MIA and the Accountancy Board jointly launched a conference, From Oversight to Innovation: Driving Quality and Integrity in Accountancy, aimed at strengthening collaboration between regulation and practice. The program specifically highlighted follow-up continuing professional education sessions on key International Standards on Auditing (ISA), quality management requirements under International Standard on Quality Management 1 (ISQM 1) and International Standard on Quality Management 2 (ISQM 2), and regulatory and ethical obligations, including those relevant to public interest entity (PIE) auditors.

The MIA has also provided targeted implementation support on the transition from International Standard on Quality Control 1 (ISQC 1) to ISQM 1. For example, in 2022 it organized a webinar through its Audit and Assurance Committee and Small and Medium Practices Group on the new quality management standard, focusing on the shift to a proactive, risk-based quality management approach and the practical implications for firms of different sizes. This type of support is consistent with the Institute’s broader role in helping members understand and apply updated professional standards.

In addition, the MIA maintains an established continuing professional education framework for its members. Its regulations state that the Institute introduced mandatory continuing professional education requirements in 2001 and that the regulations are designed to comply with International Education Standard 7 (IES 7). This provides an ongoing platform through which the Institute can support members in maintaining competence in audit quality, quality management, and related implementation matters.

Given that the QA system is operated by the Accountancy Board and that the MIA maintains well-established ongoing processes to support implementation through collaboration, technical events, and continuing professional education, the SMO 1 fulfillment status remains Sustain.

Current Status: Sustain

The Accountancy Profession Act (Chapter 281 of the Laws of Malta) establishes the initial and continuing professional development requirements for the accountancy profession. To obtain a Certified Public Accountant (CPA) warrant, candidates must complete an approved academic or professional qualification and the prescribed practical experience requirements as determined by the Accountancy Board. Recognized pathways include the University of Malta, the Malta Institute of Accountants (MIA) / Association of Chartered Certified Accountants (ACCA) route, and other qualifications recognized by the Accountancy Board as equivalent.

The MIA continues to support the development of aspiring and professional accountants through its qualification pathways, continuing professional education offerings, and technical updates. The Institute works closely with the Accountancy Board and education stakeholders to support alignment of initial professional development (IPD) and continuing professional development (CPD) requirements with the International Education Standards (IES). The MIA’s professional development offerings include courses, conferences, seminars, organized technical discussion meetings, web-based learning activities, committee participation, and lecture preparation and delivery.

The MIA maintains a mandatory continuing professional education framework for its members and publishes an annual calendar of training and development activities. These offerings support members in maintaining professional competence in line with IES 7 and IES 8, particularly in areas related to auditing, ethics, financial reporting, and quality management. The Institute also regularly communicates updates on developments issued by the International Auditing and Assurance Standards Board (IAASB), the International Ethics Standards Board for Accountants (IESBA), and international education developments through its technical publications and member communications.

The Institute continues to engage with national stakeholders, including the Accountancy Board and academic institutions, to support the alignment of education pathways and professional competence requirements with international standards and the needs of the Maltese profession.

Given that the MIA maintains established education and CPD processes and continues to review and strengthen alignment with the IES, while the jurisdiction-level adoption note remains Partially Adopted, the SMO 2 fulfillment status remains Review and Improve.

The MIA is encouraged to continue working with the Accountancy Board and academic stakeholders to further strengthen and formally demonstrate alignment of all IPD and CPD requirements with the IES currently in effect, including clear evidence of alignment across entry requirements, learning outcomes, practical experience, final assessment, and engagement partner competence requirements.

Current Status: Review & Improve

While the Companies Act (Chapter 386 of the Laws of Malta) and the Accountancy Profession (Accounting and Auditing Standards) Regulations require the application of the International Standards on Auditing (ISA) as issued by the International Auditing and Assurance Standards Board (IAASB) for all statutory audits, the Malta Institute of Accountants (MIA) has historically also required its members to apply ISA as part of its professional and self-regulatory framework. Accordingly, the Institute’s activities in this area primarily focus on supporting members with the implementation of auditing standards.

The MIA continues to provide extensive implementation support through technical seminars, webinars, conferences, and professional discussion forums covering developments in auditing, quality management, and audit reporting. Recent activities include technical sessions on International Standard on Quality Management 1 (ISQM 1), International Standard on Quality Management 2 (ISQM 2), risk-based auditing, auditor reporting, and updates on revisions to ISA and related pronouncements.

The Institute also supports members through the operation of a Technical Helpdesk, technical publications, implementation guidance, and regular member communications, including updates circulated through its professional publications and newsletters. In addition, the MIA collaborates with the Accountancy Board and other stakeholders through conferences and technical working groups to strengthen awareness and implementation of auditing requirements across the profession.

The MIA remains active in international and regional standard-setting discussions through its engagement with Accountancy Europe, including participation in relevant technical and audit working groups, and by contributing to consultations and exposure drafts issued by the IAASB and other international standard setters.

Through these well-established and ongoing processes, the MIA continues to provide strong support for the implementation of ISA and related standards by its members. Accordingly, the SMO 3 fulfillment status remains Sustain.

Current Status: Sustain

Under the Accountancy Profession Act (Chapter 281 of the Laws of Malta), the Accountancy Board has direct responsibility for establishing ethical requirements for all professional accountants holding a warrant in Malta. As noted in the jurisdiction-level adoption assessment, the national ethical framework currently remains based on the 2016 Code of Ethics for Warrant Holders, which reflects a pre-2018 version of the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA).

The Malta Institute of Accountants (MIA), while not having direct responsibility for issuing the jurisdiction’s ethical requirements, continues to play an important supporting role in promoting awareness and implementation of ethical standards among its members. The Institute requires its members to comply with the ethical requirements established by the Accountancy Board and supports implementation through its Ethics Committee, technical guidance, continuing professional education activities, and member support services.

The MIA continues to raise awareness of developments in international ethics standards through technical updates, publications, and continuing professional education sessions. The Institute also provides support to members through its Technical Helpdesk for ethics-related queries and remains engaged in international standard-setting through participation in consultations and exposure drafts issued by the IESBA and regional professional bodies.

Given that the MIA maintains established ongoing processes to support implementation and awareness, but the jurisdiction-level ethical requirements remain significantly lagged relative to the standards currently in effect, the SMO 4 fulfillment status remains Review and Improve.

The MIA is strongly encouraged to continue working closely with the Accountancy Board to expedite the update of the Code of Ethics for Warrant Holders and support the prompt adoption of the 2025 edition of the IESBA Handbook in its entirety. Reducing the current lag from the 2016 framework should be a priority to strengthen alignment with international best practice and support improvement of the jurisdiction’s adoption status.

Current Status: Review & Improve

Public sector accounting standards in Malta are the responsibility of the Government, led by the Ministry for Finance and the Treasury Department. As noted in the jurisdiction-level adoption assessment, Malta has developed and published International Public Sector Accounting Standards (IPSAS) as adopted by the Maltese Government, and implementation continues through a phased transition toward accrual-based public sector reporting.

The Malta Institute of Accountants (MIA) continues to use its best endeavors to support the Government’s IPSAS implementation roadmap. The Institute supports awareness and implementation through its Public Sector Committee, which serves as a forum for discussion of developments in public sector financial reporting, auditing, and governance, and supports dialogue with national stakeholders involved in public sector reform.

The MIA also supports implementation through professional education and capacity building. The Institute continues to work with academic and public sector stakeholders to promote the inclusion of IPSAS, public sector accounting, and public sector financial management topics within higher education and professional development programs in Malta. This includes engagement with the University of Malta and other education initiatives focused on public sector accounting competencies.

In addition, the Institute disseminates information on IPSAS and related public sector developments through its publications, technical communications, seminars, conferences, and continuing professional education activities. These activities help raise awareness among members and other finance professionals working in or with the public sector.

Given that the MIA maintains well-established ongoing processes to support the Government’s implementation of IPSAS through technical support, stakeholder engagement, education, and awareness raising, the SMO 5 fulfillment status remains Sustain.

Current Status: Sustain

Under the Accountancy Profession Act (Chapter 281 of the Laws of Malta), the Accountancy Board has direct responsibility for the investigative and disciplinary (I&D) system applicable to Certified Public Accountant (CPA) warrant holders, holders of a practising certificate, and regulated firms. As noted in the jurisdiction-level adoption assessment, Malta has an operational I&D system that includes formal disciplinary committees, sanctions, and publication of disciplinary outcomes.

The Malta Institute of Accountants (MIA), as a voluntary professional accountancy organization, separately maintains disciplinary arrangements for its members under its Statute and Bye-Laws, including disciplinary and appeals procedures. Accordingly, members of the Institute are subject to the MIA’s disciplinary procedures in addition to any jurisdiction-level processes that apply to warrant holders and practising certificate holders.

The MIA supports the integrity of the profession through the operation of these established disciplinary procedures and through cooperation with the Accountancy Board where matters relate to members who are also warrant holders. The Institute’s framework contributes to the overall public interest objective of maintaining professional standards, ethical conduct, and accountability within the profession.

In addition, the linkage between the quality assurance (QA) framework and the disciplinary system supports the follow-up of findings arising from regulatory reviews. This interaction helps strengthen the overall enforcement environment and supports the identification of matters requiring disciplinary consideration.

Given that the MIA maintains established disciplinary arrangements for its members and supports the broader jurisdictional framework, while the extent of full alignment with SMO 6 remains not fully evidenced at jurisdiction level, the SMO 6 fulfillment status remains Review & Improve.

The MIA is encouraged to continue working with the Accountancy Board to strengthen the evidence base demonstrating full alignment of the jurisdictional and Institute-level I&D frameworks with all the requirements of SMO 6, including clearer documentation of the linkage between QA findings, information-based investigations, disciplinary actions, appeals processes, and public interest disclosures.

Current Status: Review & Improve

With International Financial Reporting Standards (IFRS) Accounting Standards adopted in law for all domestic publicly accountable entities, the Malta Institute of Accountants (MIA) continues to play an important role in supporting implementation of financial reporting requirements and in maintaining the national differential reporting framework for smaller entities.

The MIA played a key role in the development of the General Accounting Principles for Small and Medium-sized Entities (GAPSME), which replaced the earlier framework for smaller entities in order to reflect the requirements of the European Union Accounting Directive and provide a simplified financial reporting framework for small and medium-sized entities in the Maltese context. The Institute worked closely with the Accountancy Board and engaged extensively with practitioners and stakeholders throughout the drafting and consultation process.

The MIA continues to support members with the implementation of both IFRS Accounting Standards and GAPSME through its continuing professional education program, technical seminars, webinars, publications, and member guidance materials. The Institute also maintains technical support services, including a Technical Helpdesk, and regularly disseminates updates on new and revised standards, exposure drafts, and financial reporting developments issued by the International Accounting Standards Board (IASB).

In addition, the MIA continues to support members through practical implementation guidance and technical resources relating to the application of GAPSME and the interaction between national reporting requirements and IFRS Accounting Standards.

Given the MIA’s well-established and ongoing processes to support adoption and implementation of accounting standards in the jurisdiction, including its continued role in the development and maintenance of the reporting framework for smaller entities, the SMO 7 fulfillment status remains Sustain.

Current Status: Sustain