Who issues the auditing standards in Malaysia and what does the approved standards on auditing comprise of?
Since ISAs are adopted as the basis for approved standards on auditing and related services in Malaysia, how does the difference in local law and practices being addressed by the standards?
Who issues the auditing standards in Malaysia and what does the approved standards on auditing comprise of?
MIA issues the auditing standards in the form of Malaysian Approved Standards on Auditing (MASA). MASA comprises of:
(a) International Standards on Auditing (ISA) designated as AI
(b) Malaysian Standards on Auditing (MSA) designated as AM
Since ISAs are adopted as the basis for approved standards on auditing and related services in Malaysia, how does the difference in local law and practices being addressed by the standards?
In the event that an ISA contains guidance which is significantly different from Malaysian law and practices, the explanatory foreword to an approved ISA will provide for such differences.
