KUALA LUMPUR, Nov 15 (Bernama) — The Malaysian Institute of Accountants (MIA) has expanded its definition of Public Interest Entities (PIEs) to hold audit firms to higher ethical and independence standards, thereby raising audit quality and ultimately strengthening good governance and trust. The revised definition of PIEs along with other relevant changes are set to come into effect on 15 December 2024.
The expanded definition of PIEs consists of entities such as publicly traded entities, entities which are primarily deposit-taking from the public, entities involved in providing insurance to the public or entities specifically designated as PIE by legal, regulatory or professional standards. “This broadening of scope ensures that audit firms are held to higher ethical and independence standards as the audits of PIEs are subject to additional independence requirements,” stated MIA President Datuk Bazlan Osman, commenting on the revision. “This is very much aligned with MIA’s increased emphasis on ethics to enable strong regulation and good governance.”
