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Who can be an Auditor and sign the Auditor's Report?

Updated: Dec 19, 2022

Certain Information Taken from MIA's Website []

In Malaysia, only an approved company auditor can be appointed as a company auditor.

To act as an approved company auditor, the individuals signing the auditor's report must be a member of a professional regulatory body (Malaysian Institute of Accountants) with a practising certificate who has passed an audit interview conducted by the Accountant General’s office and obtained approval from the Ministry of Finance (MOF) under Companies Act 2016.

The MOF then has delegated its power to approve the application of company auditors under Section 263 of the Companies Act 2016 to the Accountant General (AG).

Eligible persons who wish to apply to be approved company auditors must submit their application with AG and sit for and pass the interview with the Committee for the Approval of Company Auditors.

Each approval is only valid for two years and is renewable every two years.

Application Requirements (Until 31st March 2023)

The requirements to become an approved company auditor are as follows:-

  1. The applicant has either:

  2. passed the Final Examination of Part I of the First Schedule of the Accountants Act, 1967; OR

  3. admitted as a member of any of the recognised bodies specified in Part II of the First Schedule of the Accountants Act, 1967;

  4. Applicant must be a member of the MIA and registered as a “Chartered Accountant”;

  5. Applicant must hold a valid practising certificate issued by MIA. The practising certificate is only valid for 6 months. Therefore, it is advisable to submit the audit licence application immediately after you obtain the practising certificate;

  6. Applicant must have five (5) years of accumulative working experience on a full-time basis, which can be either Pre- & Post- MIA membership, but:

  7. at least one (1) year upon being a MIA member;

  8. at least three (3) years out of the five (5) years of experience must be in audit practice; and

  9. one (1) year of practice (out of the above three (3) years) in an audit supervisory role. Audit supervisory means overseeing, managing and controlling audit consulting engagements, including preparing financial reports and audit planning.

  10. The first-time applicant is required to attend the Public Practice Programme organised by MIA. The certificate of attendance must be valid during the application;

  11. The applicant who possesses the relevant auditing experience but is no longer in an audit practice is still eligible to apply at the point of submission if they have:

  12. left the Audit Practice within three (3) years from the date of application; or

  13. left the Audit Practice for more than three (3) years but has at least one (1) year of recent working experience in audit practice within the Malaysian environment before submitting the new application.

  14. Applicants having experience in audit firms in other countries can also be considered, provided they have at least one (1) year of recent working experience in audit practice within the Malaysian environment on a full-time basis.

Application Procedures
  1. Applicant must do the following:-

  2. register as an individual in the Business Licensing Electronic Support System (BLESS) through;

  3. proceed to apply for audit approval through BLESS;

  4. submit Certified True Copies of all the relevant certificates as well as a valid Practising Certificate;

  5. attach a sponsor letter from an accountant holding a valid audit licence still in force; and

  6. pay RM500/- using the e-payment module upon passing the interview session.

  7. Processing of audit licence interview takes about one to two (1-2) months. The Accountant General’s Department of Malaysia will inform applicants two (2) weeks before the interview.

  8. An email will be issued to the applicant within fourteen (14) working days from the date of the interview to notify the result.

Audit Licence Interview

The MOF then has delegated its power to approve the application of company auditors under Section 263 of the Companies Act 2016 to the Accountant General (AG).

Eligible persons who wish to apply to be an approved company auditor are required to submit their application with the AG and to sit for and pass the interview with the Committee for the Approval of Company Auditors, which comprises of:

  1. Deputy Accountant General (Corporate) – Chair

  2. Director of Bahagian Pembangunan Perakaunan dan Pengurusan (BPPP), AG – Alternate Chair

  3. A representative from Suruhanjaya Syarikat Malaysia (SSM)

  4. A representative from the Malaysian Institute of Accountants (MIA)

  5. A representative from the Securities Commission (SC)

  6. A representative from Bank Negara Malaysia (BNM)

The Secretariat of the Committee is Unit Kemajuan Profesion, Bahagian Pembangunan Perakaunan dan Pengurusan (BPPP) from the AG’s office.

Before the Interview - Preparation

Attend the Webinar/Seminar for Approved Company Auditors.

In this seminar or webinar, representatives from AG, MIA, SSM, SC, and BNM will discuss the interview's conduct, the interview, the scope of the interview, and tips on how to answer the interview questions. Applicants are strongly urged to attend this seminar or webinar.

During the session, successful applicants will be allowed to speak about their experiences and offer advice on how to do well in interviews.

To register for the seminar, you can check the MIA Professional Development micro website for details of the upcoming workshop.

1. Event Registration for MIA Webinar Series: Interview For Approved Company Auditors
14 Dec 2022 to 14 Dec 2022
Microsoft Teams Virtual Meeting: WP Kuala Lumpur

Objective: This programme prepares candidates for the interview process and the competency expectations of the interview panel. It also highlights the auditors’ role in various legislations such as the Capital Market and Services Act 2007, Bursa Listing Requirements, Financial Services Act 2013 (FSA) and Islamic Financial Services Act 2013 (IFSA), Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, Unclaimed Monies Act 1965 and Companies Act 2016 and the latest developments in the market that affect the audit profession.

2. Event Registration for eLearning - MIA Public Practice Programme 

Objective: To facilitate the change of mindset (from an employee to an entrepreneur) and ensure that members have considered important matters, before entering public practice. 

Browse through the regulators’ websites for the latest developments

Auditors are held to the standard of always remaining updated on the most recent upgrades and developments that pertain to their profession.

You would also benefit from doing this in terms of preparing for any questions that might be asked during the interview.

Scope of the Interview

Every agency has a predetermined range of questions that, in the most basic sense, encompass the most significant laws and regulations that pertain to the auditing profession.

Having this information at your disposal would make your preparations much easier. I'd like to point out that attending the Webinar or Seminar for Approved Company Auditors will provide you with the most up-to-date information regarding the scope of the interview.

Take leave to study thoroughly, cover the entire interview scope and update your knowledge on practical issues

If you wait until the last minute to prepare, you risk feeling overwhelmed by the topics that need to be covered as well as the time and effort required, which can produce unneeded nervousness during the interview.

In addition, you can also use this time to learn more about the most recent accounting and auditing standards and any relevant legislation associated with the profession.

Mock Interview Session

It would be best if you asked a partner at the audit firm where you currently work, a colleague, family member of your family to help you practise for an interview by conducting a mock session with you.

This activity may, in addition to determining your level of readiness, help you feel more confident and, as a result, less anxious.