Digitalisation

MICPA-Digitalisation

As part of the MICPA’s efforts to enhance audit quality and elevate the manner practitioners conduct their audits, MICPA has entered into agreements with the following collaborative partners to provide automation of audits, i.e. audit solutions that are powered by the MICPA’s Audit Guide for Practitioners (AGP) and Illustrative Audit Working Papers (IAWP). The objective of the collaborations is to continue upholding the objects of MICPA for advancing the practice of accountancy profession and maintaining high standards of practice, especially the small and medium practices who form a large population of practitioners in Malaysia.

The Public Practice Committee (PPC) of MICPA has been at the forefront over the decades, looking into practice related issues, organising activities for practitioners and in developing the AGP – that has been regularly updated to ensure it is kept up-to-date with latest standards and regulatory requirements. This AGP is intended to provide guidance on the performance of audits of financial statements in accordance with the approved auditing standards in Malaysia and to maintain the audit quality.

In 2015, the PPC set up the Illustrative Audit Work Documentation Task Force to undertake the development of extended materials to complement the AGP. The extended materials, known as the Illustrative Audit Working Papers (IAWP) was first published in May 2017. The IAWP is prepared aimed at providing users of the materials with the necessary guidance on how the MICPA audit methodology can be implemented in practice in a simplified manner but yet adhere to the requirements of the ISAs. Similar to the AGP, the IAWP was also regularly updated by the respective Task Force.

MICPA encourages the small medium practices to start their journey for the adoption of digital and leverage on technologies i.e. audit solutions that utilise the MICPA audit methodology, to enhance their audit quality and efficiency for a sustainable future. The CCH® ProSystem fx® Engagement’s audit solutions is in line with MICPA Audit Methodology embedded in Audit Guide for Practitioners (AGP) and Illustrative Audit Working Papers (IAWP) to allow the preparation, compilation and review of their audit engagements, will be more dynamic, intelligent and efficient. It brings small and medium practices a whole new experience.

CCH® ProSystem fx® Engagement

By Wolters Kluwer (“CCH”)

The Technical Contents provided by MICPA is intended to offer the user general guidance and is not intended to replace or serve as substitute for any professional judgement, advice, consultation or service. MICPA does not guarantee or warrant the Technical Contents and Technical Contents are provided “as is” without warranties of any kind, express or implied, including accuracy, timeliness and completeness. In no event shall MICPA, its related partners, managing directors, principals, agents or employees be liable for any direct, indirect, incidental, special, exemplary, punitive, consequential or other damages whatsoever (including but not limited to, liability for loss of use, data or profits), without regard to the form of any action, including but not limited to, contract, negligence or other tortious actions, arising out of or in connection with the Technical Contents, or accessed by use of the Technical Contents, or any copying, display or other use hereof. As the Technical Contents are copyrighted, any unauthorised use of Technical Contents may violate copyright, trademark and other laws. CCH bears no risk, responsibility or liability in the event that a User does not obtain such explicit written permission as advised by MICPA. Both MICPA and its logos are properties of respective parties. Use of these marks requires express permission from, and a licence agreement with, MICPA. Unauthorised use of these and any other of MICPA’s portfolio of properties will be prosecuted to the fullest extent of the law.

The Technical Contents that MICPA provides to the User are subject to the following Terms of Use. MICPA reserves the right to update the Terms of Use at any time without notice to the User.

Terms of Use:

  • Users shall download / use the Technical Contents provided by MICPA in accordance with the CCH® ProSystem fx® Engagement Software’s Service Agreement entered into with CCH.
  • Users shall only use the downloaded Technical Contents during the subscription period in accordance with the CCH Software’s Service Agreement.
  • AGP’s and IAWP’s Technical Contents will be licensed to Users as a bundle incorporated into ProSystem on an annual basis, except for Users who possess their own technical contents from their International/Local Affiliation.
  • If the Users discontinue its subscription, or this Agreement is terminated, users shall immediately uninstall the Software products.
  • Upon termination of the Collaboration between MICPA and CCH, Users may still use the ProSystem with MICPA’s Technical Contents of AGP and IAWP for the remainder of the subscription period until the duration of collaboration has ended.
  • For initial subscription / engagement:
    • Users will be provided with the latest version of the Technical Contents; and
    • Users shall modify the Technical Contents with professional due care, according to the nature of the audit engagements; and
    • Users shall always refer to the latest version of Technical Contents on the designated cloud space.
  • For subsequent years’ engagement:
    • Users may roll over the previous year’s audit working papers, however, Users shall exercise professional judgement of whether the updated Technical Contents, in its entirety or partially, shall be used, based on the financial year-end and date of reports of the audit engagements; and
    • Users will be guided on steps on obtaining the latest Technical Contents.