Under the International Standard on Auditing (ISA) 505 External Confirmations, reliable audit evidence can be obtained in documentary form from a third party e.g. a bank, whether on paper, electronically or in another medium.
Many bank confirmation request letters are sent to banks annually by auditors for confirmation of their clients’ bank balances and arrangements. Presently, electronic confirmations are used in a limited manner in Malaysia.
To keep abreast of the latest market developments, MIA championed an industry-wide Electronic Bank Confirmation Platform.
Extol Corporation Sdn Bhd (Extol) was selected to develop an industry-wide electronic bank confirmation platform, with a very economical usage fee compared to the current fee charged by an international service provider.
Auditors are encouraged to register their audit firm as the user of the Platform. For registration, auditors are required to download Audit Firm Participation Agreement & Registration Form below and perform the following steps:
Step 1: Read and understand the terms contained in the audit firm participation agreement in the document.
Step 2: Complete and submit the Audit Firm Registration Form to email@example.com to begin the activation process.
Unit 33-01, Level 33, Tower A, The Vertical, Avenue 3, Bangsar South City,
No.8 Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia.
The use of the word ‘Accountant’
In Malaysia, the word ‘Accountant’ is protected as provided for under the provisions of the Accountants Act 1967 which states that no one can hold himself out or practise as an Accountant unless he is registered as a member of the Malaysian Institute of Accountants.
‘The Malaysian Institute of Accountants is committed to the observance and practice of the highest ethical standards of the accountancy profession. All PC holders are reminded that under the MIA By-Laws (On Professional Ethics, Conduct And Practice), no person shall practice or hold out anything on audit/tax services without a license approved by the Ministry of Finance. Every PC holder is therefore expected to comply fully with Section B200.1 to B200.6 of the MIA By-Laws (On Professional Ethics, Conduct And Practice) failing which, you may be held liable for unprofessional conduct and disciplinary action may be taken against you.’