ACCA Exam Dates March 2016

For those who are planning to take exam in March 2016 ACCA Exam, these are the Dates for March 2016. The first session of ACCA exam in 2016!

Note: Take note on the variants given below for F and P series papers. 

ACCA Exam Dates March 2016:

DatesF Series (Variants)P Series (Variants)
Monday 7 March 2016F8P7 (INT, UK, IRL, SGP)
Tuesday 8 March 2016F7 P2  (INT, UK, IRL, SGP)
Wednesday 9 March 2016F5P1 (INT, SGP) P5
Thursday 10 March 2016F6 (UK, MYS, SGP)P3, P6 (UK, MYS)
Friday 11 March 2016 F9, F4 (MYS, SGP)P4



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Audit Partner License in Malaysia

If you had been working in the audit or tax or liquidator in Malaysia for more than 3 years and you gotten your MIA membership, you might be considering to join as one of the top managements (by investing money into the firm, where you'll calculate yourself the breakeven point, yes we all do that) and wish to put your glamorous signatory on the financial report like all the proud partners and you wish to obtain Audit Partner License in Malaysia, then this is the post you should be reading.....

Approval and Licence Renewal of Auditor / Company Liquidator

INDEX
1. What are the requirements to become an auditor?
2. What are the requirements to become a company liquidator?
3. How long is the waiting period for a particular candidate before being called for an interview?
4. Who are the interview panel and what are the aspects that are tested during the interview session?
5. What action should be taken if the candidate gets through the interview?
6. When should Form C be submitted to renew the auditor / company liquidator approval?
7. What action should be taken if the auditor and company liquidator approval period has lapsed?
8. Will tax approval also be given automatically when renewing the auditor’s approval?
9. How much is the total payment for renewing approval as auditor / company liquidator? What is the mode of payment? Can payment be made by cash or by using personal cheque?

1. What are the requirements to become an auditor?

The requirements to become an auditor;

A person must have approval which is recognised in Schedule 1 of the Accountant Act 1967

A member of the Malaysia Institute of Accountants (MIA) holding the status of Accredited Accountant Possess practising certificate from MIA

Has sufficient experience in auditing work in public accountant firms which is for a period of 3 years after becoming an MIA member. Candidates who have left their auditing career for so long are required to have at least 3 years of audit experience continously within the period of 4 years applying as auditor and;

Candidate is obliged to attend the Public Practice Program organised by MIA.

2. What are the requirements to become a company liquidator?

The requirements to be an auditor;

Obtained approval as auditor under the Companies Act for at least 1 year and

Have experience in the company liquidation field for at least 2 years


3. How long is the waiting period for a particular candidate before being called for an interview?

1 month – 3 months

4. Who are the interview panel and what are the aspects that are tested during the interview session?

The interview panel consists of:
Deputy Accountant General (Corporate) – Chairman
Representative of the Companies Commission of Malaysia (SSM)
Representative of the Malaysian Institute of Accountants (MIA)
Representative of the Securities Commission of Malaysia (SC)
Representative of the Central Bank of Malaysia (BNM)
Representative of the Insolvency Department of Malaysia (JIM) – if it involves company liquidator

Aspects that are tested
- SSM – Companies Act, 1965
- MIA – MIA By Laws, taxation, auditing, FRS and ISRC
- SC – Securities Industry aspect and capital market
- BNM – Banking and financial aspect
- JIM – Liquidation aspect


5. What action should be taken if the candidate gets through the interview?

5.1 Auditor Approval: The candidate is required to submit to the AGD the following:- Copy of provision letter of firm number issued by the Companies Commissioner of Malaysia. Copy of Form 5 of the Companies Act 1965 which is certified by the Companies Commissioner of Malaysia Approval payment of RM100.00 in the form of a cross cheque / money order under the name of ACCOUNTANT GENERAL OF MALAYSIA; and Certified copy of identification card.

5.2 Company liquidator approval Approval payment of RM50.00 in the form of a cross cheque / money order under the name of ACCOUNTANT GENERAL of MALAYSIA; and Certified copy of identification card.


6. When should Form C be submitted to renew the auditor / company liquidator approval?

3 months before the end of the previous approval.


7. What action should be taken if the auditor and company liquidator approval period has lapsed? 

The auditor and company liquidator will need to renew the approval within the period of one year from the last date of the previous approval renewal. Throughout the said period, they should not act as auditors and are not allowed to sign any audit report. If the auditor and company liquidator fail to renew the said approval within the period of one year, they will need to re-sit the said interview by submitting a new application (Form A).


8. Will tax approval also be given automatically when renewing the auditor’s approval?

No. Starting from 1 January 2006, tax approvals and auditor approval renewals are separate. All applications in relation to auditors and company liquidators should be done to the Accountant General’s Department of Malaysia, whereas applications in relation to tax agents should be done to the Tax Analysis Division, Ministry of Finance.


9. How much is the total payment for renewing approval as auditor / company liquidator? What is the mode of payment? Can payment be made by cash or by using personal cheque?

Payment for auditor approval renewal is RM100 whereas company liquidator is RM500. Payment should be done to the ACCOUNTANT GENERAL of MALAYSIA using company cheque, postal order, money order or bank draft. Payment by CASH or PERSONAL CHEQUE is not accepted.


Voila! That's how you obtain Audit Partner License in Malaysia! Best of Luck!!

Source: http://portal.anm.gov.my/


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P7 Audit Oversight Board





Audit Oversight Board (AOB) has revokes registration of auditors for the first time!

The revocation is under section 31Q(1)(a)(B) of the SCMA 1993 for failure to remain fit and proper to audit public interest entities.

Wong Weng Foo & Co (Wong Weng Foo and Abdul Halim Husin were found to have failed to comply with auditing standards in the engagement performance of two public listed entities.

The auditors also failed to ensure that the person who audits the financial statement of a public listed entity on behalf of the audit firm is appropriately qualified, sufficiently trained and competent.

大马证监会(SC)首次援引1993年证监会法令,撤消一家会计楼的审计注册! 
SC今天在一项文告中指出,被撤消审计注册的会计楼是WONG WENG FOO & CO。

该会计楼的主要合伙人WONG WENG FOO及另一位合伙人Abdul Halim Husin 的审计注册也同样被撤消。 

WONG WENG FOO & CO在去年6月也曾被SC罚款1万令吉,及在12个月内不能招收新的审计生意。

在我国的1993年证监会法令下,所有欲审计上市公司账目的会计楼,皆须向SC注册。 SC文告补充说,WONG WENG FOO会计楼在审计2家上市公司的账目时,没有遵守审计准则,此外,该会计楼也没有诚实地执行审计任务。 

SC说,这是该会首次援引法令撤消一家会计楼的审计注册。



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Top 30 Audit Firms in 2015

Here's the list of top 30 audit firms in 2015 surveyed by AccountancyAge.

We have these audit firms in 2015
(1) PwC - Ian Powel
(2) Deloitte - David Sproul
(3) KPMG - Smon Collins
(4) EY - Steve Varley
(5) Grant Thornton - Sacha Romanovitch
(6) BDO - Simon Michaels
(7) Baker Tilly - Laurence Longe

(8) Smith and Williamson - David Cobb and Kevin Stopps
(9) Mazars - Phil Verity

(10) Moore Stephens - Simon Gallagher
(11) PKF - Jeremy Bowler
(12) Saffery Champness
(13) Haines Watts Group
(14) Crowe Clark Whitehill
(15) UHY Hacker Young Group
(16) Begbies Traynor Group
(17) MHA Maclntyre Hudson
(18) Kingston Smith
(19) Wilkins Kennedy



* Moore Stephens and Chantrey Vellacott completed a merger on 1 May 2015
**These are also the top 10 firms in Malaysia 2015 such as PwC, Deloitte, KPMG, EY, SJ Grant Thornton, BDO, Crowe Horwath, Mazars, Baker Tilly Monteiro Heng, PKF, UHY

Where does your audit firm ranked at??
















For full list download at
http://www.accountancyage.com/digital_assets/9042/2015_top_50_+_50_v8.pdf

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How to get 4 TB free cloud storage

Guys, the search ends now!

If you wish to get more storage from cloud storage it will cost you arms and legs however now we have WeiYun! It offers 1 TB once you successfully registered and 3 TB extra, that's total 4 TB (4000 GB)!

Read more:
http://prevalentco.blogspot.com/#ixzz3pITcYY1o



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