MIA: Audit firms need to improve documentation process

PETALING JAYA: Audit firms should take stringent steps to improve on the documentation of audit procedures performed and the gathering of sufficient audit evidence to establish a solid and firm basis to support their audit opinions, according to the Malaysian Institute of Accountants (MIA).

In its Practice Review Report, the accountancy body found that in many firms, the partner’s involvement in the audit at the planning stage was not evident.