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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 :

Key highlights of newly introduced Order 3A and Order 3B

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Past 5 years Practice Review Results

Sources: Practice Review Annual Reports and Statistics published by MIA

Why Choose
us for peer review?

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.

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.

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.

Our Professional Team

Wong Woei Teng>>

Partner, Audit & Assurance

Email: [email protected]

H/P: +6012-9188 313

Edward Thun>>

Partner, Audit & Assurance

Email: [email protected]

H/P: +6016-5133 537

About Us

Audit & Assurance

Statutory Audits, Financial Due Diligence, Internal Audit and etc.

Tax Compliance & Advisory

Tax Computation & Advisory, Tax Audit & Investigation and etc.

Business Advisory

Financial Advisory & Planning, Business Performance Analysis and etc.

Transfer Pricing

Transfer Pricing Documentation, Benchmarking Service and etc.

Human Resource Consultancy

HR Guidance & Advice, Policies & Documentation and etc.

Accounting & Business Process Outsourcing

Account Preparation & Advisory, SST Submission, Payroll and etc.

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DISCLAIMER

CCS & CO PLT 202206000043 (LLP0033899-LCA) & AF 1538 was registered on 29th December 2022. 

With effect from that date, CCS & CO (AF 1538), a conventional partnership, was converted to a limited liability partnership.

 

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Wong Woei Teng

Partner, Audit & Assurance

C.A.(M), FCCA (UK), ASEAN CPA, B.Acc.(Hons)(UM)

Wong is a partner with CCS and plays an important role there.

She is currently directing the Assurance Departments of the Firms to deliver high-quality services to clients and ensure the Firm’s consistency in upholding the quality of assurance engagements. She is responsible for ensuring that the Firm’s approach has been consistently adhered to across the whole Firm, and she works closely with the assurance team to accomplish this.

Wong acquired a Bachelor of Accounting degree from the University of Malaya, where she studied for her whole academic career. In addition, she is a member of the Malaysian Institute of Accountants (abbreviated as “MIA”), a Fellow Member of the Association of Chartered Certified Accountants (abbreviated as “ACCA”), and she has registered to become an ASEAN Certified Public Accountant.

Wong first became a member of CCS in the year 2009. During her 14 years of expertise helping small and medium enterprises, she has worked in various industries, including construction, property development, and manufacturing.

In addition to the statutory financial audit, she has also participated in other engagements, such as the Agreed-Upon Procedure and the Corporate Tax Advisory. Throughout her years of service, she has been instrumental in reducing the number of disputes between taxpayers and officers and assisting small and medium enterprises in tax audit matters while attending to officers’ inquiries.

She has directed several GST implementation initiatives for corporations while providing internal training. During the implementation phase, she assisted a few businesses in resolving their GST registration issues by participating in a round table discussion hosted by the RMCD.

Edward Thun

Partner, Audit & Assurance

C.A.(M), ACA (ICAEW), CA (Singapore), ASEAN CPA, B.Acc.(Hons)(UM)

Edward is an Assurance Partner at CCS. He is also the leader of Quality Management and Technical of the Firm. His role is to uphold the audit quality and ensure the Firm is adhering to professional standards, legal and regulatory requirements when providing assurance services.

Edward graduated from University of Malaya with a degree of Bachelor of Accounting. He is a Chartered Accountant (“CA”) of Malaysian Institute of Accountants (“MIA”), and a member of Institute of Chartered Accountants in England and Wales (“ICAEW”), Institute of Singapore Chartered Accountants (“ISCA”) and ASEAN Chartered Professional Accountant (“ASEAN CPA”).

Edward has more than 10 years of combined experience in the field of audit, accounting advisory, financial control, financial analysis, and quality assurance. He worked in the Big 4 accounting firms across Malaysia and Singapore, with the last position as an Audit Manager. During his employment at the Big 4 accounting firms, he was involved in the audits of listed, non-listed and multinational companies of diversified industries. He was also a Practice Reviewer in MIA, who worked as a regulator to carry out surveillance activities on audit firms registered with MIA for quality assurance purposes.

Prior to joining CCS, Edward worked in a Minister of Finance (Incorporated) (“MOF Inc”) company. He was engaged as a Finance Manager, providing in-house technical expertise across a wide spectrum of financial areas including accounting advisory, tax advisory, corporate finance, valuation, financial due diligence, deal review, financial analysis, financial control, business process improvement, special financial assignments, special projects, and in-house training.

Edward is currently an Accredited Trainer of Human Resource Development Corporation (“HRD Corp”) and a member of the Small and Medium Practices (“SMP”) Committee of MIA. His role in MIA is to build the capacity of SMPs, facilitate the adoption and implementation of new professional standards, promote the value of SMPs in supporting the Small and Medium Enterprises (“SME”) and represent SMPs’ interests to regulators.

With these diversified experiences, Edward strives to provide the high standard and wide spectrum of services to his clients.