Guidance
And Advisory
CORPORATE LIABILITY ON CORRUPTION UNDER SECTION 17A OF THE MALAYSIAN ANTI-CORRUPTION COMMISSION ACT 2009 (AMENDED 2018)
This Article is written with the aim of providing objective guidance and assistance to internal auditors of commercial organisations to carry out a review of their organisations’ preparedness in complying with the requirements set out under Section 17A of the Malaysian Anti-Corruption Commission Act 2009 (amended 2018) [“MACC Act”] as well as assessing the adequacy and operating effectiveness of the organisations’ adequate procedures deployed in mitigating corruption risks. Accordingly, this Article is NOT, and should NOT be construed as, an Internal Audit Programme to conduct internal audit assignments pertaining to an organisation’s Anti-Bribery and Corruption Framework/Plan.
To enable internal auditors understand what Section 17A of the MACC Act is all about, including the Ministerial Guidelines on Adequate Procedures (“Ministerial Guidelines”), this Article is written to put into perspectives what Section 17A entails, its ramifications to commercial organisations and those charged with governance and management as well as the contents of the Ministerial Guidelines. Sections D, E and F of this Article set out the roles of Internal Audit, overview of the Ministerial Guidelines, and the suggested focus areas for Internal Auditors to consider vis-à-vis the key contents of Principles in the Ministerial Guidelines, including pertinent questions they should be posing to Management, in their audit coverage respectively.
Please click here to download the pdf version of the Corporate Liability on Corruption Under Section 17A Of The Malaysian Anti-Corruption Commission Act 2009 (Amended 2018).
GUIDANCE FOR AN EFFECTIVE INTERNAL AUDIT FUNCTION
The objective of this Guidance for an Effective Audit Function (GIAF) is to provide direction for the Boards and Audit Committees of public listed companies in Malaysia in the discharge of their responsibilities to establish an Internal Audit Function and to enhance its effectiveness. This Guidance sets out recommended practices for an effective Internal Audit Function that may also be used by organisation other than public listed companies.
The GIAF incorporates the relevant principles of governance iterated in the MCCG 2017 and proposed revisions on governance and internal auditing in the LR, which were obtained from the consultation paper issued by Bursa for public comment. In addition, the GIAF was developed with reference to the Standards in the International Professional Practices Framework (2017) issued by The Institute of Internal Auditors Inc. IIA Malaysia believes that the Boards and Audit Committees will find the layout and simplified contents easy for reading and comprehension.
The GIAF incorporates the relevant principles of governance iterated in the MCCG 2017 and proposed revisions on governance and internal auditing in the LR, which were obtained from the consultation paper issued by Bursa for public comment. In addition, the GIAF was developed with reference to the Standards in the International Professional Practices Framework (2017) issued by The Institute of Internal Auditors Inc. IIA Malaysia believes that the Boards and Audit Committees will find the layout and simplified contents easy for reading and comprehension.
Please click here to download the pdf version of the Guidance for an Effective Audit Function (GIAF).
STATEMENT ON RISK MANAGEMENT & INTERNAL CONTROL – GUIDELINES FOR DIRECTORS OF LISTED ISSUERS
The Statement on Internal Control – Guidance for Directors of Public Listed Companies was first issued in December 2000. The objective of the document is to provide guidance to directors in formulating the Statement on Internal Control in their annual report in accordance with Bursa Malaysia’s Listing Requirements.
An industry led Task Force was established to revise the Guidance to reflect the changing regulatory environment and evolving approaches to corporate governance issues that have made disclosure an important regulatory tool. Reporting by boards of directors on the risk management and internal control system within their companies has become an important part of corporate governance disclosure requirements.
Public consultation has become a regular feature of the process of regulatory change of corporate governance and financial reporting in laying the foundations of a good corporate governance framework. This document has undergone due consultative process including focus group meetings attended by company directors. We would like to thank the many companies, professional bodies and individuals who provided input and shared their experiences in order to improve earlier drafts of this document.
These guidelines are intended to guide directors of listed issuers in making disclosures concerning risk management and internal control in their company’s annual report pursuant to the paragraph 15.26(b) of the Listing Requirements. In making the statement, companies are required to explain their governance policies, including any special circumstances which have led them to adopting a particular approach. It sets out the obligations of management and the board of directors with respect to risk management and internal control. It also provides guidance on the key elements needed in maintaining a sound system of risk management and internal control, and describes the process that should be considered in reviewing its effectiveness.
We trust that these guidelines will provide directors with the necessary information to assist them in complying with the specific provisions of the Listing Requirements and aid in good corporate governance.
Please click here to download the pdf version of the Statement on Risk Management & Internal Control – Guidelines for Directors of Listed Issuers.
INTERNATIONAL PROFESSIONAL PRACTICES FRAMEWORK (IPPF)
The IIA’s blueprint for the profession that offers practitioners a full range of internal audit guidance, including the Core Principles, Standards, Code of Ethics, Implementation and supplemental guidance, position papers and other resources.The International Professional Practices Framework (IPPF) is the conceptual framework that organises authoritative guidance promulgated by The Institute of Internal Auditors (IIA). A trustworthy, global, guidance-setting body, The IIA provides internal audit professionals worldwide with authoritative guidance organised in the IPPF as mandatory guidance and recommended guidance.
ADDITIONAL RESOURCES
Find the guidance resources you need in such areas as Corporate Governance, Risk Management, Expressing an Opinion on Internal Control, COSO Guidance, Establishing an Audit Shop, Sustainable Development, and many more subject areas.
INTERNAL AUDIT FREQUENTLY ASKED QUESTIONS (FAQS) ABOUT THE PROFESSION
Gain a better understanding of the internal audit profession and help others do the same. We have compiled a list of commonly asked questions for your easy reference and to share with others.
TECHNICAL ENQUIRIES
These enquiries may be submitted to technical@dev.iiam.com.my
One of the services provided by IIA Malaysia exclusively for members is to provide technical support by assisting members with technical enquiries.
The Institute’s staff shall not respond to queries on the application and interpretation of materials not published by IIA. No enquiries on internal auditing and other professional requirements applicable in jurisdictions other than Malaysia shall be entertained.
The Institute’s staff shall entertain queries only from members of IIA Malaysia (with limited exceptions for regulatory bodies and the news media).
Queries shall be in writing. The query should include the member’s name, membership number, address, contact telephone number during normal office hours.