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The Malaysian Institute of Accountants (“MIA”) and CPA Australia has released two joint publications. These publications aim to improve the financial literacy of Malaysian investors and businesses. These are two publications are “A Guide to Understanding Annual Reports: Malaysian Listed Companies” and “A Guide to Understanding Auditing and Assurance: Malaysian Listed Companies.”
It is noted that the two guides have been updated and reflect development in reporting over the past seven years, including changes in non-financial reporting and auditor reporting requirements.
The updated Guide to Understanding Annual Reports: Malaysian Listed Companies gives readers an overview of financial statements and glossary of financial terminology in addition to other insights.
While the 2021 edition of the Guide to Understanding Auditing and Assurance: Malaysian Listed Companies serves as a guide for shareholders and other stakeholders who are not expert in auditing and assurance. The guide helps them to better understand information that they receive from auditors about their companies.
Speaking on the release of the publications, MIA Chief Executive Officer, Dr. Nurmazilah is quoted “As the national accountancy body that puts nation building at the forefront, MIA recognises the need to educate shareholders and other providers of capital who are not conversant in financial reporting standards, auditing and assurance matters as well as certain rules and regulations affecting the financial statements.” The initiative supports the growing need for financial literacy to support sustainable economic development.
CPA Australia Malaysia Country Head, Puritan Terumalay on the release of the guides said “The ability to understand the financial health of a company is a vital skill for investors, entrepreneurs, managers and other business stakeholders. It enables them to identify promising opportunities and avoid undue risks, resulting in more strategic economic decisions.”
She further says that “The framework for reporting and the requirements for auditing and assurance have evolved in tandem with an increasingly complex global business environment. These guides provide much needed clarification and explanation of annual reports and auditor’s reports.”