The primary objective of the Financial Statements Review Committee (“FSRC” and “the Committee”) is to monitor the quality of financial statements and reports that are prepared by or are the responsibility of members of MIA, for the purpose of determining compliance with statutory and other requirements, approved accounting standards and approved auditing standards in Malaysia.
Scope and Authority
The Committee has authority, within the scope of its responsibilities, to:
- review the review findings of the Secretariat on the financial statements, directors’ report and auditor’s report of selected companies for compliance with statutory and other requirements, approved accounting standards and approved auditing standards in Malaysia.
- draw the attention of the member responsible for the preparation or for reporting on the financial statements to any areas in which the presentation or content appears to fall short of such compliance and where the committee is of the view that it justifies further action; and to discuss the replies from such member.
- refer to the Investigation Committee of MIA and/or other regulatory bodies for appropriate action where the Committee is of the view that deliberations arising from matters above justify further action;
- review on matters relating to interim financial information and financial statements referred to the Committee by the Investigation Committee of MIA and/or other regulatory bodies and recommend further action;
- provide technical advice to the Secretariat on their review of financial information and/or financial statements of any enterprises on matters of public interest and recommend further action;
- highlight to the relevant Committee of MIA, or other relevant bodies on issues of inconsistencies or uncertainties with respect to financial reporting; and
- support the efforts of the Institute in providing guidance to members of MIA on good financial reporting based on common findings during the review process.