Public Practice

Non-Audit Firm - Setting Up A Non-Audit Firm

Requirements

  1. Sole proprietor or partners must be Chartered Accountants registered with MIA, with valid practising certificates.
  2. An applicant has no outstanding Annual Membership Subscription and Practising Certificate Fee in the year which it becomes due.
  3. An applicant has never been convicted of any offence involving fraud or dishonesty punishable or suspended from membership of the Institute.

Procedures

  1. Submit online application via MIA website
    • Click Submit Applications > Application for Registration of New Firm
    • Select Firm Category > Non-Audit Firm
  2. Approval letter for the proposed name will be issued by MIA. (This process will take about 3-4 working days)
  3. To update MIA with the following:
    • Log in to the Firm’s Profile in the MIA website and select the following:
      1. Click My Application History > View > Re-submit
  4. Registration of firm letter and certificate will be issued by MIA to confirm the firm registration.

Guidelines in Approving the Name of Member Firms

The guidelines should be read together with Section B200.1 of MIA By-Laws (On Professional Ethics, Conduct and Practice).

  1. The sole proprietor may practise in his or her own name.
  2. Partners may practise in the name or names of his or her partner or partners, being chartered accountants.
  3. Partners may practise in the name of a firm existing at the time of the coming into operation of the Act or formed thereafter, provided that the partners in Malaysia are eligible to be registered as chartered accountants.
  4. Sole proprietor or partners may use initials for the name of the firm but the initials should be derived ONLY from the first letter of his first name or surname. The initials should form an abbreviation which sounds logical and proper.
  5. Firm names are allowed to appear as a single word without ‘dots’ or ‘spaces’ in between them.
  6. Usage of English or nickname (which does not appear in MyKad), may be considered, provided that the member submits a declaration from the Commissioner for Oaths on the usage of such name(s). It is advisable for the English or nickname to be included in MyKad.
  7. Effective from 22 March 2018, single letter or numeral for the name of firms is not allowed. The firm name must contain a minimum of two (2) letters.
  8. Effective from 22 March 2018, the word International/Global is not permitted to be incorporated in a firm’s name.
  9. Effective from 31 May 2019, it is necessary that firm names be followed by words such as:
    1. ‘& Co’, ‘& Associates’, ‘& Partners’, or their equivalents; or
    2. the surname in full where initials are used, or
    3. a descriptor of the services provided (e.g. Advisory, Management Services) (for non-audit firms only).
      (The above condition is not applicable to member firms who are affiliated to local or international networks, as per MIA By-laws paragraph B200.2)
  10. A member firm name should not be misleading. A member firm name would be misleading if:
    1. in all the circumstances there was a real risk that it could be confused with the name of another firm, even if the member(s) of the firm could lay justifiable claim to the name; or
    2. the name is inconsistent with the structure of the firm, i.e. usage of “& Partners” by a sole proprietorship.

Members are advised to refer to the Institute if clarification is required. Please note that these guidelines are approved by the MIA Council and the decision in approving the firm name or otherwise is final. Any amendments, addition or changes can only be made upon the review and/or approval of the MIA Council thereof.

Important Notes:

  1. In case where the applicant decides to change the approved name, applicants may withdraw the earlier application and submit fresh through MIA website.
  2. The Registration of Firm Certificate is issued only once to the Head Office on a non-audit firm, and not for its branches