IFAC-MICPA Malaysia Audit workshop

1. A F A I F A C W o r k s h o p 5 | M a r c h 3 0 , 2 0 2 2
SMO 3
International Standards and
Other Pronouncements issued by IAASB

2. A F A I F A C S M O W o r k s h o p 5
About MICPA

3. Online learning
resources
Partnership with
CA ANZ
Recognition
Passing rate
Established
Global network
through GAA
(Global Accounting
Alliance)
Dual Qualification
CPA (M), CA (ANZ)
Founding member
of IFAC
13 year anniversary
MICPA –CA ANZ
Collaboration
Publications, events
& activities
Young MICPA
ABOUT

4. Upcoming Deposits
 Executive Committee
 Accounting & Auditing Technical Committee
 Commerce, Industry & Public Sector Committee
 Disciplinary Committee
 Education & Training Committee
1
30
13
10
Council
Executive
Committee
Committees
Dr Veerinderjeet Singh
MICPA President
Non Executive Chairman,
Tricor Malaysia
Dato’ Abdul Rauf Rashid
Country Managing Partner
Datuk Johan Idris
Managing Partner
Soo Hoo Khoon Yean
Managing Partner
Dato’ Gan Ah Tee
MICPA Vice President
Managing Partner
Mr Poon Yew Hoe
Managing Partner
Mr Beh Tok Koay
Executive Director, Tricor
Tax Services Sdn Bhd
Datuk Robert Yong
Director of PLCs
Mr Ken Pushpanathan
Director of PLCs
 Examination Committee
 Financial Statements Review Committee
 Insolvency Practice Committee
 Investigation Committee
 Membership Affairs Committee
 Public Affairs Committee
 Public Practice Committee
 Tax Practice Committee
MICPA is governed by a Council of 30 elected members, who comprise members from public accounting
practice, commerce, industry and the public sector
CEO/Secretary
GOVERNANCE
Mr Yee Wing Peng
Country Managing Partner

5. 1
GLOBAL
RECOGNITION
Founding Member
of IFAC
3
2
ACCESS TO
GLOBAL
ACCOUNTING
ALLIANCE
10 Prof Bodies in
12 Countries
DUAL
QUALIFICATION
CPA (M) &
CA (ANZ)
Why MICPA?
4
LOCAL CONTEXT
& RELEVANCE
Malaysian
Taxation
6
5
EMPLOYMENT
OPPORTUNITIES
Links to employers
for training
DEVELOPS
PROFESSIONALS
WITH THE RIGHT
SKILLSETS
The MICPA Programme is awarded by MICPA with CA ANZ being a MICPA partner

6. Upcoming Deposits
The Global Accounting Alliance is made up of 10 of the world's leading
accounting institutes, brought together to promote quality services,
share information and collaborate on important international issues.
In ensuring the highest quality learning experience, MICPA works closely
with our approved tuition providers located in the Klang Valley and
Melaka.
MICPA-CAANZ: A GLOBAL PARTNERSHIP
EDUCATION
Selangor Darul Ehsan
 IPAC Education
 Sunway TES
 Taylor’s College
 Universiti Teknologi MARA
 UOWMKDU College PAC
Kuala Lumpur
 Tunku Abdul Rahman
University College
 Universiti Malaya
Melaka
 Kolej Yayasan Saad
Business School
TUITION PROVIDERS

7. Upcoming Deposits
DIPLOMA
 Closed book
 4 modules
 3 terms per year
 3-hour written exam
 Part-time/Full-time
 Exemptions differ for
different institutions
 Optional tuition classes
ADVANCED
STAGE
EXAMINATION
 Mentoring
 Open book exam
 4 coursework based + 4
exam based modules
 4 terms per year
 Remote exam platform
 Part-time/Full-time
 73% average pass rate
 Self-study
 Optional tuition classes
 Apply for memberships
with MICPA & CA ANZ
upon completing the
ASE + 3 years of
relevant practical
experience
MEMBERSHIP
ASE
DEGREE
PROFESSIONAL
STAGE
EXAMINATION
PSE
PATHWAYS

8. New MICPA Programme - ASE
Commen cin g in 2 0 2 2
4 Exams,
4 course-
work based*
Can complete within 1 year (full-time study) / 2 – 3 years (part-time study)
Given up to 8 years to complete
Candidates may
commence in
Year 3* of an
accredited
degree
*Terms & conditions
apply

9. Membership Pathways
Members of
CA ANZ & ICAEW
Members of
ACCA
Members of Approved
Accounting Bodies
Members
of MIA
 5 years of relevant post
professional qualification
experience
 Attend and pass an interview
(for CA ANZ members - in
public practice only)
 5 years of relevant post
professional qualification
experience, at least 3
years in Malaysia
 Attend and pass an
interview
 5 years of relevant post
professional qualification
experience, at least 3
years in Malaysia
 Attend and pass an
interview  In public practice – approved auditor /
approved tax agent / approved
liquidator with at least 10 years work
experience in accounting, auditing, tax,
restructuring & insolvency
 In commerce & industry, public sector
or academia – members of CPA
Australia or CIMA or accounting degree
graduates with 10/15 years post-
degree relevant experience
 10 years – to complete ICAP
module & attend an interview
(not applicable to members of
CPA Australia & CIMA)
 15 years – to attend and pass an
interview

10. Upcoming Deposits
Standard
• Feature 1
• Feature 2
• Feature 3
• Feature 4
• Feature 5
Price $$
 Continuing Professional Development
(CPD) Programmes
 MICPA Excellence Awards
 Commemorative Lecture
 MICPA – Bursa Malaysia Business Forum
 National Annual Corporate Report Awards (NACRA)
 Annual Dinner
ACTIVITIES

11. A F A I F A C S M O W o r k s h o p 5
Compliance with SMO 3

12. Upcoming Deposits
Audit Oversight Board (AOB)
Pursuant to Section 31E of the
Securities Commission Act 1993,
The key responsibility of the
Board is to implement policies
and programmes in ensuring an
effective audit oversight system
in Malaysia. The Board directs
the Malaysian Institute of
Accountants (MIA) to establish
or adopt, or by way of both, the
auditing and ethical standards
to be applied by auditors.
The Auditing and Assurance
Standards Board (AASB) of the
MIA issues auditing standards,
by adopting the IAASB
standards without
modifications.
Operating Environment
The MICPA also adopts the
IAASB standards without
modifications, for its members.

13. Upcoming Deposits
Our Strategies and Actions
MONITORING
of the compliance with the IAASB
Standards
IMPLEMENTATION
of the IAASB Standards
ADOPTION
of the IAASB Standards which to
be applied by auditors in
Malaysia
IAASB
Standards

14. ADOPTION
THE IAASB STANDARDS
To be applied by auditors in Malaysia

15. Our Adoption Process
01
Issuance of
Exposure Draft (ED)
by the IAASB
02
Solicit feedback from
members & ED to be
commented by the
MICPA AATC
03
Submission of
feedback to the
IAASB
04
Release of final
pronouncement by
the IAASB
08
MICPA issued
circular to inform the
adoption of standard
07
MICPA reproduced
the pronouncement
in MICPA version
06
Permission and
softcopy of the
pronouncement
received by MICPA
05
MICPA obtains
permission from IFAC
for reproduction

16. Technical Feedback via AATC
Lee Tuck Heng
Chairman
Council Member of
MICPA
Retired PwC Partner
Council Members
Ybhg. Dato’ Megat Iskandar Shah Partner
Ng Kim Tuck Senior Advisor
Rozaini Bin Mohd Sani Group Chief Financial Officer
Teo Swee Chua, Stanley Partner
Thong Foo Vung Partner
Soo Hoo Khoon Yean Managing Partner
Exco-Oversight Member
Co-opted Members
Audrey Chan Wai Leng Partner
Ben Lee Keen Pong Former Group CEO
Leong Kok Tong Partner
Ooi Chee Kun Sole Practitioner
Siew Kar Wai Partner
Stephen Khoo Partner
Wan Ahmad Ikram Chief Financial Officer
Tang Seng Choon
Alternate Chairman
Head of Audit &
Assurance, BDO
Mustapha, Khoo & Co
CK OOI & Co.
Folks DFK / Azman, Wong,
Salleh & Co

17. Upcoming Deposits
Auditing Standards in Malaysia
INTERNATIONAL STANDARDS ON AUDITING
ISA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards
on Auditing
ISA 210 Agreeing the Terms of Audit Engagements
ISA 220 (Revised) Quality Management for An Audit of Financial Statements
ISA 230 Audit Documentation
ISA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements
ISA 250 (Revised) Consideration of Laws and Regulations in an Audit of Financial Statements
ISA 260 (Revised) Communication with Those Charged with Governance
ISA 265 Communication Deficiencies in Internal Control to Those Charged with Governance and Management
ISA 300 Planning an Audit of Financial Statements
ISA 315 (Revised
2019)
Identifying and Assessing the Risks of Material Misstatements
ISA 320 Materiality in Planning and Performing an Audit
ISA 330 The Auditor’s Responses to Assessed Risks

18. Upcoming Deposits
Auditing Standards in Malaysia
INTERNATIONAL STANDARDS ON AUDITING (continued)
ISA 402 Audit Considerations Relating to an Entity Using a Service Organization
ISA 450 Evaluation of Misstatements Identified during the Audit
ISA 500 Audit Evidence
ISA 501 Audit Evidence – Specific Considerations for Selected Items
ISA 505 External Confirmations
ISA 510 Initial Audit Engagements – Opening Balances
ISA 520 Analytical Procedures
ISA 530 Audit Sampling
ISA 540 (Revised) Auditing Accounting Estimates and Related Disclosures
ISA 550 Related Parties
ISA 560 Subsequent Events
ISA 570 (Revised) Going Concern
ISA 580 Written Representations

19. Upcoming Deposits
Auditing Standards in Malaysia
INTERNATIONAL STANDARDS ON AUDITING (continued)
ISA 600 Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors)
ISA 610 (Revised
2013)
Using the Work of Internal Auditors
ISA 620 Using the Work of an Auditor’s Expert
ISA 700 (Revised) Forming an Opinion and Reporting on Financial Statements
ISA 701 Communicating Key Audit Matters in the Independent Auditor’s Report
ISA 705 (Revised) Modifications to the Opinion in the Independent Auditor’s Report
ISA 706 (Revised) Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
ISA 710 Comparative Information – Corresponding Figures and Comparative Financial Statements
ISA 720 (Revised) The Auditor’s Responsibilities Relating to Other Information
ISA 800 (Revised) Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks
ISA 805 (Revised) Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial
Statement
ISA 810 (Revised) Engagements to Report on Summary Financial Statements

20. Upcoming Deposits
Auditing Standards in Malaysia
INTERNATIONAL STANDARDS ON REVIEW ENGAGEMENTS
2400 (Revised) Engagements to Review Historical Financial Statements
2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity
INTERNATIONAL STANDARD ON ASSURANCE ENGAGEMENTS
3000 (Revised) Assurance Engagements Other than Audits or Reviews of Historical Financial Information
3400 The Examination of Prospective Financial Information (Previously ISA 810)
3402 Assurance Reports on Controls at a Service Organization
3410 Assurance Engagements on Greenhouse Gas Statements
3420 Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus
INTERNATIONAL STANDARDS ON RELATED SERVICES
4400 (Revised) Agreed-Upon Procedures Engagements
4410 (Revised) Compilation Engagements

21. Upcoming Deposits
Auditing Standards in Malaysia
INTERNATIONAL AUDITING PRACTICE NOTES
IAPN 1000 Special Considerations in Auditing Financial Instruments
INTERNATIONAL STANDARD ON QUALITY CONTROL
ISQC 1 Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related
Services Engagements
INTERNATIONAL STANDARDS ON QUALITY MANAGEMENT
ISQM 1 Quality Management for Firms That Perform Audits or Reviews of Financial Statements, or Other Assurance or Related
Services Engagements
ISQM 2 Engagement Quality Reviews
CONFORMING AMENDMENTS
Conforming Amendments to Other ISAs
Addressing Disclosures in the Audit of Financial Statements – Revised ISAs and Related Conforming Amendments
Conforming Amendments to the IAASB International Standards as a Result of the Revised IESBA Code
Conforming Amendments to ISAs and Related Material Arising from the Quality Management Projects
Conforming and Consequential Amendments to the IAASB’s Other Standards as a Result of the New and Revised Quality Management
Standards (MICPA yet to adopt, in the process of approval)

22. Upcoming Deposits
Ensure that the
content of the
standards is
consistent with
MIA
For its members
Adoption of the
IAASB standards
without
modifications
Our IAASB Standards
IAASB Standards

23. IMPLEMENTATION
THE IAASB STANDARDS
To provide resources in support of the
implementation of the IAASB Standards in Malaysia

24. Upcoming Deposits
Implementation
Training Solutions & CPE
Courses
Webinars, Seminars
and Trainings
Support
Technical Enquiries
Implementation Guides
Guides, Thought
Leadership and
Articles
Updates
Circulars, Website,
Telegram, Newsletters
and Social Media
Digitalisation
Audit Software
incorporating the
MICPA Audit
Programmes
Implementation

25. Updates
Circulars
https://www.micpa.com.my/resources/for-
members/circulars/
Media Releases
https://www.micpa.com.my/news-media/media-
releases/
Newletters
https://www.micpa.com.my/news-media/institute-
news/
www.micpa.com.my
theMICPA @theMICPA @theMICPA @theMICPA TheMICPA
Facebook Instagram Twitter Linkedin Telegram

26. Training Solution & CPE Courses
MICPA Training Solutions under Subsidy Scheme
• ISQM 1 Quality Management for Firms That Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services
Engagements;
• ISQM 2 Engagement Quality Reviews;
• ISA 220 (Revised) Quality Management for an Audit of Financial Statements;
• ISA 240 The Auditors’ Responsibilities Relating to Fraud in an Audit of Financial Statements;
• ISA 315 (Revised 2019) Identifying and Assessing the Risks of Material Misstatement;
• ISA 530 Audit Sampling;
• ISA 540 (Revised) Auditing Accounting Estimates and Related Disclosures;
• ISA 570 (Revised) Going Concern;
• ISA 600 Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors);
• ISA 701 Communicating Key Audit Matters in the IndependentAuditor’s Report.

27. Training Solution & CPE Courses
• Practical Auditing Methodology for SMPs;
• ISA 220 (Revised) Quality Management for an Audit of Financial Statements;
• ISQM 1 Quality Management for Firms That Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services
Engagements.
MICPA Training Courses

28. Support
Members are welcome to submit any technical enquiries to:
• Website: https://www.micpa.com.my/resources/for-
members/technical-enquiry/
• Email address: technical@micpa.com.my

29. Implementation Guides
• Audit Considerations in Respect of Going Concern due to the
Impact of COVID-19
• Audit Guide for Practitioners
• COVID-19 Determining Materiality
• Illustrative Audit Working Papers
• COVID-19 Pandemic: Considerations for Assurance Engagements
– Inventory Observations
• COVID-19 Pandemic: Performing Roll-forward and Roll-back
Procedures
• ISQM1 Guide for Practitioners (To release in Jun 2022)
MICPA is committed to advancing theory and
practice of accountancy. One of the ways is to
provide clarity, insight and direction through our
thought leadership and guides on the current and
future challenges in the profession.

30. Upcoming Deposits
Digitalisation
ISQM1 Guide
for
Practitioners
This Audit Guide for Practitioners is intended to help
practitioners specifically in the Small and Medium
Practices in the audit of Small and Medium
Enterprises. The technical content is being
incorporated in an audit software. This allows users
to perform their audit efficiently with reference to
technical content that complies with the IAASB
Standards.
The Audit Guide for Practitioners
also accompanies with a set of
Illustrative Audit Working. These
Illustrative Audit Working Papers
are merely illustrative in nature.
This Quality Management Guide
for Practitioners is designed to help
practitioners specifically for smaller
practice firms in the audit of
smaller enterprises. Our plan is to
automate this guide to assist users
for the implementation of the
ISQM1.
Digitalisation has become an essential element to
businesses in this digital age. As part of the
MICPA’s efforts to enhance audit quality and
efficiency of small medium firms, we believe that it
is a good initiative to automate our guides

31. MONITORING
Compliance with the IAASB Standards
By the auditors of Public Interest Entities, non-
Public Interest Entities

32. audited financial statements of public-interest entities and schedule funds
Audit Oversight Board (AOB)
Pursuant to Section 31E1(d) of the
Securities Commission Act 1993, the
Board conducts inspections and
monitoring programmes on auditors
to assess the degree of compliance
of auditing and ethical standards. In
fact, the Board performs inquiries
and impose appropriate sanctions
against auditors who fail to comply
with auditing and ethical standard.
The MIA Practice Review
Committee is specifically tasked to
carry out surveillance activities on
audit firms registered with the
Institute to ensure that audit
practitioners are adhering to
international auditing standards,
legal and regulatory requirements
when they perform their audit
work.
Our Monitoring
The MICPA monitors members’
compliance with the auditing
standards by carrying out Financial
Statement Quality Programme
aimed at guiding members on the
disclosure requirements in the
financial statements in accordance
with the regulatory requirements
and applicable accounting and
auditing standards in Malaysia.
AWP of public-interest
entities and schedule funds’
auditors
AWP and of non-public-
interest entities’ auditors
audited financial
statements of public-
interest entities

33. Upcoming Deposits
Connect with Us!
www.micpa.com.my
Facebook Instagram Twitter Linkedin
theMICPA @theMICPA @theMICPA @theMICPA

34. THANK YOU
@themicpa
@themicpa
fb.com/themicpa
technical@micpa.com.my
+03- 2698 9622
15 Jalan Medan Tuanku,
50300 Kuala Lumpur