Qualifying Examination

The examination guidelines and syllabus are prepared as reference and guidance for the candidates and the Examination Body. The examination guidelines shall be read subject to the MIA Qualifying Examination Rules 2002.

The MIA Qualifying Examination shall consist of four (4) papers as listed below:-

1.1 Business and Company Law
1.2 Auditing and Assurance Services
1.3 Taxation
1.4 Advanced Financial Accounting and Reporting

The syllabus for each examination paper is designed to assess candidates’ knowledge and skills in the respective area of study. In order to assist the examiners to achieve this objective and students in their preparation for the examination, a specification grid has been drawn up for each paper indicating the relative weightings of the main sections of the syllabus. Each topic of the syllabus is divided into a number of areas according to the level of knowledge (ranging from A to C) as shown against each area to indicate the depth at which candidates can expect to be examined.

Level A
A thorough and detailed knowledge and substantial comprehension, together with the ability to solve problems where candidates have to select the information required from the fairly unstructured data provided and exercise professional judgement.

Level B
A detailed knowledge of the principles, concepts and techniques with the ability to solve problems where the information needed is clearly indicated.

Level C
An overview or current awareness only.

3.1 Legislation
Questions involving knowledge of legislation will be based on Malaysian legislation and candidates are expected to have knowledge of any current changes in legislation. However no questions on new legislation will be set until at least six (6) months have elapsed since the last day of the month in which Royal Assent was given to the new legislation.

3.2 Technical Pronouncements
Candidates are expected to have a detailed knowledge of and capable of answering questions in respect of the approved accounting standards, approved auditing standards, generally accepted accounting principles, generally accepted auditing standards, exposure drafts, regulations and legislation relating to financial accounting, reporting and auditing.

Questions involving knowledge of new approved accounting standards, approved auditing standards and exposure drafts will not be set until at least 6 months have elapsed since the last day of the month in which the statement became effective or was published.

Notes

  1. Approved Accounting Standards
    Approved Accounting Standards comprise of:

    1. Accounting Standards and other technical pronouncements issued by the Malaysian Accounting Standards Board (MASB); and
    2. MASB Approved Accounting Standards which comprise of the International Accounting Standards (IAS) and the Malaysian Accounting Standards (MAS) issued by MIA and MICPA, which have not been replaced by MASB Standards.

     
    Statements issued by the Council of the MIA relating to accounting are to be regarded as opinions on best current practice and thus form part of generally accepted accounting principles (GAAP).

  2. Approved Auditing Standards
    Approved auditing standards comprise of:

    1. International Standards on Auditing (ISA) and Related Services approved and issued by MIA; and
    2. Malaysian Standards on Auditing (MSA) issued by MIA.

     
    International Auditing Practice Statements (IAPS) approved and issued by MIA are to provide practical assistance to auditors in implementing the standards or to promote good practice. These Statements are not intended to have the authority of Standards.

    Statements issued by the Council of the MIA relating to auditing are to be regarded as opinions on best current practice and thus form part of generally accepted auditing standards (GAAS).

INTRODUCTION

The syllabus comprises 40% Business Law and 60% Company Law. The emphasis is on their practical applications and the impact on the organizations for which the professionals, especially the accountants, bear the responsibility and accountability.

OBJECTIVE

To provide a sound knowledge of the core elements of Malaysian Business Law together with a thorough understanding of the Malaysian Company Law and its regulations with their applications in the management and administration of companies to the best interest of society and the profession.

LEARNING OUTCOMES

Upon successfully completing the course, candidates should be able to:

  • demonstrate a sound understanding of the legal aspects of the law affecting businesses
  • explain the principles of Malaysian Business Law and Company Law
  • apply the principles of law in the business environment through reasoning abilities
  • analyse the importance of good corporate governance and ethics

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INTRODUCTION

This course is designed to enable the candidates to understand the nature and objectives of audit in general as well as audit procedures, techniques and reporting. It would also help the candidates to be able to identify and assess the audit risks involved in various situations.

Candidates are expected to apply their knowledge of the subject matters covered in this course as well as related courses like Financial Accounting and Company Law and Practice in resolving issues relating to audit of financial statements and other audit related and assurance services.

Candidates are also expected to have knowledge of the clarified auditing standards, guidelines and technical releases pronounced by MIA.

OBJECTIVE

To equip candidates with knowledge and understanding of the audit process and report when performing the audit of financial statements including consideration of other issues relating to provisions of audit-related and assurance services.

LEARNING OUTCOMES

Upon successfully completing the course, candidates should be able to:

  • Explain the nature, purpose, scope and issues relating to auditing and provisions of audit-related and assurance services.
  • Explain the auditor’s professional responsibilities on the professional conduct and ethics and the auditor’s legal liabilities in the context of financial statements audit
  • Identify audit risks through the understanding and evaluation of Internal Controls
  • Determine the nature, timing and extent of substantive audit procedures to obtain sufficient and appropriate audit evidence to support audit opinion.
  • Identify and apply techniques employed in the various stages of the audit process to verify the financial statement items.
  • Evaluate auditing in a computerized information system (CIS) environment and the use of Computer Assisted Audit Techniques (CAATs) as an audit tool.
  • Prepare appropriate reports for the respective users.

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INTRODUCTION

This course is designed to develop an understanding among candidates of the concepts and principles of personal, business and corporate income taxation, taxation of specialised entities, withholding taxes, etc. Besides these, legislation relating to real property gains tax and investment incentives will also be covered.

Candidates are expected to display an understanding of the impact of all major taxes on the transactions of individuals, companies and special undertakings and be able to identify and discuss the tax issues in a particular situation as well as planning opportunities.

OBJECTIVE

To equip candidates with the knowledge and understanding of the concepts, principles and current tax practices in Malaysia as well as the ability to solve practical problems and to be familiar with aspects of other relevant legislation.

LEARNING OUTCOMES

Upon successfully completing the course, candidates should be able to:

  • Explain how the Malaysian Tax System operates.
  • Determine the taxability of receipts and deductibility of expenses in accordance with the tax legislation.
  • Prepare the computation of tax liability for individuals, companies, trusts, partnerships, limited liability partnerships, estates, clubs, co-operative societies and other specialised businesses.
  • Explain the major tax incentives available to tax payers and investors.
  • Prepare computations of and advice individuals and companies on issues relating to real property gains tax.
  • Explain the application of exemptions and reliefs and advise tax payers accordingly.

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INTRODUCTION

This course is designed to develop an understanding among candidates of the concepts and principles of financial accounting and reporting for non-private entities.

Candidates are expected to display an in-depth knowledge of financial reporting standards applicable to public entities.

OBJECTIVE

To equip the candidates with knowledge and skill in applying financial reporting standards in preparing financial statements for public companies including group of companies.

LEARNING OUTCOMES

Upon successfully completing the course, candidates should be able to:

  • Explain the regulatory and professional requirements in the preparation and presentation of financial statements.
  • Describe the conceptual framework and its relationship with the preparation and presentation of financial statements.
  • Account for transactions in accordance with the relevant accounting standards in Malaysia.
  • Apply the requirements of financial reporting standards to recognise, measure, present and disclose elements of assets, liabilities, equity, income and expenses.
  • Prepare and present financial statements of group accounts and a single company in accordance with relevant accounting standards.
  • Discuss current issues and future directions of financial accounting and reporting particularly in Malaysia.

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