MICPA COVID-19 Resource & Support

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COVID-19 has gone global and World Health Organisation declared a pandemic. While the impact of this pandemic on people’s health is paramount, its effect on the world economy is going to be monumental. It is having an effect on individuals, businesses and the public at large. MICPA is closely monitoring the development of COVID-19, to share information with members on a timely basis as well as to ensure we are taking the appropriate action to protect the wellbeing of our members, stakeholders and employees.

Our members, both professional accountants in business and in public practice, have an important role amidst and post-pandemic, as they provide advice and support to businesses facing the economic backlash of COVID-19. These resources, along with the latest information from the Malaysian Government and regulatory bodies, will provide support to our members and their clients in navigating these unprecedented times.

Institute Updates

Conditional Movement Control Order

In line with the Prime Minister’s announcement on May 1st to implement a Conditional Movement Control Order (CMCO) starting from May 4, 2020, which permits the resumption of business activities, the Institute’s doors will reopen with minimal workforce, & enforce stringent precautions to minimise the risk of infection to staff & visitors to our office. Click here for more info.

Should you need to reach us, here are the email addresses of our key services:

Membership: membership@micpa.com.my
Student Affairs: jess@micpa.com.my
Examination: exam@micpa.com.my
CPD: cpd@micpa.com.my
Technical: technical@micpa.com.my
Finance: ksl.acc@micpa.com.my
Other Matters: micpa@micpa.com.my

Technical Updates

Our Technical team continues to monitor any developments or updates from our local regulators, and will be issuing urgent circulars to our members on Tuesdays, on top of the usual Friday email blasts.

Advice & Support

MICPA Technical Insight

Audit Considerations in respect of Going Concern due to the Impact of COVID-19

The uncertainty in the economy arising from the COVID-19 has also created an impact on the entities that have not been encountered before. This may result in significant financial reporting implications for preparers of financial statements. The same also impacts the work of auditors. In view of this, the Institute wishes to highlight to auditors a specific matter relating to the going concern concept, arising from COVID-19.

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Mitigating the Impact of COVID-19: Learning Points

Economically, this year is shaping up to be the worst year since the Great Depression of the 1930s. The relentless spread of the coronavirus disease (COVID-19) has resulted in over a million infected, tens of thousands killed, wrecked global supply chains, and laid low many economies. It has been a bloodbath in the stock markets.

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IAASB

Guidance on Auditor Considerations Relating to Subsequent Events in Light of Changing Environment Due to the Covid-19 Pandemic

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Guidance on Auditor Considerations Relating to Going Concern in Light of Changing Environment Due to the COVID-19 Pandemic

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Highlighting Areas of Focus in an Evolving Audit Environment Due to the Impact of COVID-19

Global developments relating to the COVID-19 pandemic have also impacted the work of auditors. This article highlights some of the more significant areas that may need to be further considered in designing and performing audit procedures to obtain sufficient appropriate audit evidence, and to report accordingly.

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Government Directives

Ministry of Finance (MoF)

To cushion the current economic onslaught of COVID-19, the Malaysian Government has rolled out several stimulus packages to support the Nation:

1) 2020 Economic Stimulus Package

2) PRIHATIN Rakyat Economic Stimulus Package

3) PRIHATIN Rakyat Economic Stimulus Package (Additional)

Regulatory Response

Bank Negara Malaysia (BNM)

Bursa Malaysia (The Exchange)

Companies Commission of Malaysia (SSM)

Inland Revenue Board (IRB)

Royal Malaysian Customs Department (RMCD)

1) Operations and Services during MCOs

2) FAQ (Bil. 2/2020)

3) Penalty in MySST System for Late Payment of Taxes on Taxable Period Included in the Movement Control Order Period

4) Others

Securities Commission (SC)

Malaysian Accounting Standards Board (MASB)

Perbadanan Insurans Deposit Malaysia (PIDM)