Find Accountancy, Audit and Tax expertise in Malaysia

Overview

There are numerous accounting firms in Malaysia with an established presence of home-grown firms. The ‘Big Four’ accountancy firms, along with numerous other well-known international accounting firms and networks, operate in the country – resulting in plenty of competition. The financial statements of all companies incorporated under the Companies Act of 1965, including listed, private, state-owned and not-for-profit companies, are required to be audited in accordance with Malaysian Approved Standards on Auditing (MASAs), either issued by the Malaysian Approved Standards Board (MASB) or another acceptable international accounting standard issued by a MASB recognised body. Accepted bodies include the International Accounting Standards Board, the Australian Accounting Standards Board, Financial Accounting Standards Board (USA) and Accounting Standards Board (UK). In 2012 all listed and non-listed entities were required to adopt International Financial Reporting Standards (IFRS). In the World Economic Forum’s Global Competitiveness Report (2012-13) Malaysia ranked 30th in the world for the strength of its auditing and reporting standards, with a value of 5.4 out of 7 that placed it above the world mean of 4.6. In the 2011 World Bank’s Ease of Doing Business Index the country placed 47th in the world (out of 144 countries) for resolving insolvency, coming directly below the high-income economy of France.

Accountancy, Audit and Tax organisations in Malaysia
The Malaysian Institute of Certified Public Accountants