Peer Review under the New Practice Review Framework of MIA
What is Practice Review?
The Practice Review Programme (PRP) is established under Section B250: Quality Assurance and Practice Review of the By-Laws of the Malaysian Institute of Accountants (“MIA”). Practice Review is an assurance process whereby the quality of members’ audit practice are assessed to ensure that they are in compliance with professional standards, legal and regulatory requirements. All audit firms registered with the MIA are subject to Practice Review, with only limited exemption available.
Process of Practice Review
Selection
Notification
Preparation
Review
Reporting
Firms are selected for review based on a risk-based approach. Audit firms may also be selected for review based on referrals from other regulatory bodies in Malaysia or other committees of the MIA.
Selected firms receive a formal notification outlining the requirements and schedule of the review.
Firms are required to prepare relevant documentation, including but not limited to audit engagement files and quality management documents.
MIA reviewers conduct review at firms’ premises or at the offices of the MIA.
Reviewers prepare a review report and the Practice Review Committee determines a rating for the report.
Rating for the Practice Review Report
Revision of Practice Review Framework
Effective 1 July 2024 :
Past 5 years Practice Review Results
Sources: Practice Review Annual Reports and Statistics published by MIA
Why Choose
us for peer review?
Experience at Big 4 Accounting Firms
Having team members who are ex-Big 4 auditors means they bring a wealth of experience, rigorous training, and expertise gained from working at top-tier firms. They are familiar with best practices, technical knowledge, industry standards, and have a strong professional network.
Previous Practice Reviewer
They possess a keen eye for detail, strong analytical skills, and a deep understanding of professional standards and regulatory requirements. They are adept at identifying areas for improvement and ensuring high-quality service delivery.
Experience in Cold File Review and ISQM (formerly known as ISQC) Review
They are also skilled in ensuring that audit practices comply with international standards, maintaining high levels of quality management, and continuously improving audit processes. Additionally, they are proficient in conducting thorough reviews and implementing quality management systems.
About Us
