Stay Connected Programme
Small and medium-sized practitioners (SMPs) in Malaysia provide a broad range of professional services from the traditional audit, accounting, tax services, to value-adding business advisory to meet the needs of their clients who are typically small and medium-sized entities (SMEs). Often, they face challenges relating to resources constraints, technical support, succession planning and many more while providing professional services to SMEs. These underlying issues, if not addressed, can significantly impact the sustainability of the practices and the economic footprints of SMPs in Malaysia as a whole.
As part of The MICPA’s efforts to provide continuous support to SMPs, we are pleased to share with you a new initiative, specially designed to help practitioners Stay Connected by connecting and matching the crucial needs of practitioners.
What we offer?
The Stay Connected Programme offers:
- Employer and candidate information for hiring of staff
- Information on providers and recipients for technical support at an agreed fee*
- Successor and successee information for the purpose of succession planning
*The fees are agreed between the provider and the recipient of technical supports.
The Stay Connected Programme is designed to:
- Help SMPs enhance their professional services so as to maintain the sustainability of their practices;
- Continuously contribute to the economic footprint of SMPs in Malaysia.
Individuals or SMPs who are interested to participate are required to complete the google form by clicking HERE.
Download brochure here.
Financial Statements Quality (FSQ) Programme
The Financial Statements Quality Programme was launched on August 13th, 2021. A focus on continuous learning, creating value and practice sustainability are the hallmarks of the ‘Financial Statements Quality Programme’, which is aimed at supporting and guiding members on the disclosure requirements in the financial statements in accordance with the regulatory requirements and applicable accounting and auditing standards in Malaysia. This replaced the long-standing ‘Financial Statements Review Function’ which has been in operation at MICPA since 2004.
The previous function fundamentally focused on both members’ and non-members’ compliance with the regulatory requirements and applicable accounting and auditing standards in Malaysia. There is a shift in focus. The new Programme applies an ‘educational approach’ which focuses on providing continuous learning and creating value to members.
- Uphold the standards and quality of financial statements reporting of MICPA members
- Support and guide members on the disclosure requirements in the financial statements
- Continuous learning, create value and practice sustainability to members
Scope of review
- Financial Statements of Public Listed Companies audited or prepared* by MICPA members
- *The fees are agreed between the provider and the recipient of technical supports.
The assessment of the financial statements will be performed by the members of the MICPA Financial Statements Review Committee
The financial statements are assessed based on the following considerations:
- Compliance with the regulatory disclosure requirements in Malaysia;
- Conformity with:
- (a) Approved accounting standards;
- (b) Relevant approved auditing standards; and
- (c) MICPA Statements.
Quality Assessment Programme
On October 25, 2016, MIA launched the Quality Assessment Programme (QAP) in collaboration with MICPA. The collaboration is aimed to promote continuous improvement in audit quality in Malaysia and assist audit firms in assessing compliance with the applicable auditing standards and MIA By-laws in relation to audit engagements on financial statements prepared in accordance with the applicable approved accounting standards and the Companies Act (CA) 1965 or the CA 2016, as the case may be.
What we offer?
The QAP, is a structured review of a MIA Member firm by reviewer(s) appointed by MICPA. The review of the whole firm will comprise two parts:
- A review of the firm’s compliance with International Standard of Quality Control (ISQC) 1, and;
- A review of the documentation of at least one completed audit engagement.
The review will be conducted at the firms’ premises.
At the end of the review period, the QAP reviewer(s) will provide a report on the findings and the reviewed firm will provide the proposed remedial action plans for implementation.
Participation in the QAP by Small Medium Practitioners (SMPs) is on a voluntary basis and designed to be educational in nature.
The fees are variable depending on the firm size and complexity of the audit engagement reviewed.
SMPs that are not registered with the Audit Oversight Board are encouraged to participate in the QAP.
SMPs who are interested to participate in the QAP are required to contact the SMP Department at firstname.lastname@example.org.
For further enquiries, please email to email@example.com.