Question

The role played by a regulatory body in Malaysia that governs the auditors and/or audit practices is Malaysian Institute of Accountants (MIA).

Discuss all the details of MIA.

Answer 1

MIA is a member of International federation of Accountants and ASEAN Federation of Accountants. MIA is the national body of accounting in Malaysia and established in 1967 under the Accounting Act, 1967 of Malaysia. It regulates the Auditors and Audit Practices in Malaysia. MIA membership is mandatory for people out for or practising accounting in Malaysia.

It's Vision is to be a globally recognised and renowned professional accounting organisation. It's main purpose is to regulate and develop accountancy profession to support economic growth and national building.

They accord the qualification of Chartered Accountant Malaysia or CA (M) as is commonly known, and currently has over 36,900 members.

MIA's functions are defined under section 6 of the Accountants Act, 1967 and are as follows

• To determine the qualifications of persons for admission as members;
• To provide for the training and education by the Institute or any other body, of persons practising or intending to practice the profession of accountancy;
• To approve the MIA Qualifying Examination(QE) and to regulate and supervise the conduct of that Examination;
• To regulate the practice of the profession of accountancy in Malaysia;
• To promote, in any manner it thinks fit, the interest of the profession of accountancy in Malaysia;
• To render pecuniary or other assistance to members or their dependents as it thinks fit with a view to protecting or promoting the welfare of members; and
• Generally to do such acts as it thinks fit for the purpose of achieving any of the aforesaid objectives.

MIA defines its Core values as follows

• Integrity
• Mutual Trust
• Professionalism
• Accountability
• Commitment
• Teamwork and
• Sustainability

MIA's Governance Framework is as follows

The main legislations concerned with MIA are

1. Accountants Act, 1967
2. Malaysian Institute of Accountants Rules, 2001

The Institute issued several Bye Laws and Due Process Documents (Circulars and Notices) to regulate the accounting, usage of its logo and the accountants

1. By-Laws (Professional Ethics, Conduct and Practice
2. Due Process Issuance
3. Logo Usage Guidelines

To become a CA (M) one must sit and pass the qualifying test after acquiring a degree in accounting, business or finance. Atleast a first degree (60%) is required.

The current president of MIA is Huang Shze Jiun.

Good Luck