Abstract: This paper provides an overview on the International Standards on Quality Control 1 (ISQC 1) self-assessment checklist for audit firms in Malaysia. The checklist is developed by a Universiti Teknologi MARA research team with a collaboration of Malaysian Institute of Accountants (MIA) and Malaysia Accountancy Research and Education (MAREF). The checklist items are based on the ISQC1 requirements, ISQC 1 manual and MIA By-Laws. This checklist has been validated by a group of practitioners from various audit firms. It is hoped that this checklist would assist audit firms to assess themselves and hence, could improve their audit service quality. Although the implementation of ISQC 1 in audit firms imposes additional responsibilities, audit firms should realize the importance in finding the right balance between governance, oversight and business growth.

Research Team :
•  Assoc. Prof Zuraidah Mohd Sanusi

Institute :
Universiti Institut Teknologi Malaysia

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