- To regulate the accounting profession in Malaysia
- To review accounting and related Practices for Malaysian Accountant
- To issue guidelines for accountants
- To conduct research on the accounting professions
Additional notes
The main Malaysian authorities that govern (or directly shape) the accountancy profession, plus why each exists:
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Malaysian Institute of Accountants (MIA) — the statutory regulator created by the Accountants Act 1967 to register and regulate accountants, set by-laws/ethics, and develop the profession (e.g., education/CPD). MIA+1
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Malaysian Accounting Standards Board (MASB) — the sole national standard-setter established by the Financial Reporting Act 1997 to issue Malaysian Financial Reporting Standards (MFRS) and promote high-quality, internationally aligned standards. masb.org.my+2masb.org.my+2
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Securities Commission Malaysia (SC) – Audit Oversight Board (AOB) — the AOB, created under the Securities Commission Malaysia Act 1993, oversees and inspects auditors of public-interest entities to enhance audit quality and confidence in audited financial statements. Securities Commission Malaysia+2Securities Commission Malaysia+2
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Ministry of Finance (MOF) / Accountant General’s Department — issues/approves audit licences for “approved company auditors” under Companies Act 2016 s.263 (delegated by MOF to the Accountant General), ensuring only qualified practitioners may audit companies. MIA+1
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Companies Commission of Malaysia (SSM) — administers and enforces the Companies Act 2016, including provisions on the appointment, duties and reporting of auditors for companies registered in Malaysia. SSM+1
In short: MIA regulates members and ethics; MASB sets accounting standards (MFRS); SC/AOB polices audit quality for listed/PIE audits; MOF/AGD licenses company auditors; and SSM enforces company-law requirements around audits and financial reporting. SSM+4MIA+4masb.org.my+4
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