During the financial period from 1 Jul 2023 to 31 Dec 2023, the Practice Review Department (“PRD”) had finalised 6 first review reports and 1 monitoring reviews. The outcomes of the first reviews and monitoring reviews are as follows:
The above statistics represent high-risk firms selected based on a risk-based approach and are NOT representative of the audit profession as a whole. The selection of firms assessed as higher risk would naturally result in the selection of firms that are more likely to have difficulties passing the Practice Review process.
Besides, MIA, as a regulatory body for the accountancy profession, has a role in ensuring compliance and effective implementation of AMLA requirements from its members, specifically members who are reporting institutions (RIs) carrying out the activities as outlined under Paragraph 9 of the First Schedule of the Anti-Money Laundering, Anti- Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA).
During the financial period from 1 Jul 2023 to 31 Dec 2023, PRD completed six (6) joint examinations with Bank Negara Malaysia (BNM) regarding member’s compliance with AML/CFT requirements and all six (6) member firms are required to submit a progress report on fully implemented approved action plans four (4) months from the date of the final report issued to the member firms for the findings identified by MIA/BNM.