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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