Three Main Types Of Membership
INDIVIDUAL MEMBERSHIP
CORPORATE MEMBERSHIP
AUDIT COMMITEE MEMBERSHIP
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1. Honorary Member
A conferred status upon persons who:
- By virtue of their esteemed position and standing in public or business life would enhance the stature of the Institute, or
- Have, in the opinion of the Board rendered exceptional service to the Institute or internal audit profession.
2. Fellow Member
“Fellow Member” refers to a conferred status upon persons who have achieved distinction in their profession and who have made valuable contributions to internal auditing and/or to the Institute provided that the conferees:
- have been a Professional member of the Institute for at least (10) years; and
- have had at least five (5) years of internal auditing experience in a senior position or an academician of good standing; and
- have rendered exceptional services in the areas of development, promotion and enhancement of the internal auditing profession and the Institute; and
- have been recommended by the Awards Conferment Committee and approved by the Board of Governors.
The designatory letters for Fellow Members are C.F.I.I.A which stands for Chartered Fellow of The Institute of Internal Auditors Malaysia.
3. Professional Member
A class open to persons in private and government employment who are performing internal audit functions, no matter what the titles such persons or departments are designated, provided that:
- They have satisfactorily passed and completed the professional examinations offered by IIA Inc and possess two years of working experience in Internal Auditing ; or
- At least 3 years of professional working experience and training in internal auditing and possess any of the professional qualifications from IIA, CPA, CIMA, ACCA, CISA, AlA, ICSA (This list may be varied, as approved by Global IIA).
The designatory letters for Professional Member are CMIIA which stands for Chartered Member of The Institute of Internal Auditors Malaysia. Refer to the listing below.
4. Associate Member
A class open to persons who are engaged in fields related to internal auditing or have such interests but who do not qualify for membership under “Professional Member”. Any person who by virtue of being non-resident in Malaysia for a temporary period, may opt for associate membership for the duration.
The designatory letters of Associate Member are AIIA which stands for Associate Member of The Institute of Internal Auditors Malaysia.
5. Student Member
Refers to a class open to those fulltime diploma and degree student of any courses who do not qualify for membership as “Professional Member” or “Associate Member”.
- If an individual meets the eligibility requirement for students membership, and the individual will be eligible for up to 6 years of student membership
- Approved student members must re-verify their eligibility every year with the Institute to maintain their students membership status
- Approved student required to re-submit student form to the Institute to maintain their students status
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CORPORATE MEMBERSHIP
Refers to a class open to organisations or companies who nominate employees as their representative. Any Corporate Company that is incorporated under the Companies Act 1965 or any Act of Parliament or Special Act may become a corporate member of IIA Malaysia by application and observe the Memorandum and Articles of Association of the Institute. The corporate member may nominate nominees and individual members from staff of the Internal Audit Department or members of the Audit Committee.TERMS OF NOMINATION FOR NOMINEES
- Must be existing employees of the Internal Audit Department of the Corporate Member, and/or members of the Audit Committee of the same organisation.
- May enjoy the benefits of the Institute simply by quoting the Corporate Membership Number upon request.
- Are not allowed to use designation CMIIA which stands for Chartered Members of the Institute of Internal Auditors Malaysia and AIIA which stands for Associate Member of the Institute of Internal Auditors Malaysia respectively.
- Do not have voting rights at the Annual General Meeting of the Institute.
- Are not allowed to sit on the main Board of Governors of IIA Malaysia. They may however, serve on any of the subcommittees.
- Deletions (without substitution) of names of nominees should be notified through written notice.
- May be transferable with changes and/or addition in employees in the Internal Audit Department and/or member of the Audit committee.
- A nominee nominated by an organisation ceases to be a nominee if his nomination is withdrawn.
TERMS OF NOMINATION FOR INDIVIDUAL MEMBERS
- Must be existing employees of the Internal Audit Department of the Corporate Member, and/or members of the Audit Committee of the same organisation but are non-members of the Institute at the point of application.
- Possess the necessary qualifications required under the existing categories of individual membership, i.e. Professional Member or Associate Member.
- Are allowed to use designation CMIIA which stands for Chartered Members of the Institute of Internal Auditors Malaysia or AIIA which stands for Associate Member of the Institute of Internal Auditors Malaysia respectively.
- Professional members have voting rights at the Annual General Meeting (AGM) or Extraordinary General Meeting (EGM) of the Institute.
- Are allowed to sit on the main Board of Governors of IIA Malaysia. They may also serve on any of the sub-committees.
- Deletions (without substitution) of names of individual members should be notified through written notice. No refund of annual subscription will be made.
- An organisation can withdraw the name of any of its individual members and substitute with another eligible employee.
- For the substitution of sponsored individual:
- It is effective from the start of the next financial year of IIA Malaysia and admission fee is waived for the substitute
- A nominee nominated by an organisation ceases to be a nominee if his nomination is withdrawn
- An individual sponsored by an organisation and admitted to membership ceases to be a member of the Institute if his sponsorship is withdrawn. The individual may apply to the Institute to continue as a member, in his own right, by paying appropriate subscription fees.
Corporate Member with Subsidiary Companies
The Corporate membership is determined by the nature of function of the Internal Audit Department.
If the department provides internal auditing services to the:
- Holding Company and its Subsidiary Companies with common or different members of the Audit Committee, all members on this group shall be entitled to claim the benefits.
- Holding Company only, the benefits only be enjoyed by the members of the Holding Company. The members of the Subsidiary company are not entitled to the benefits. Each subsidiary company should have its own membership.
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AUDIT COMMITTEE MEMBERSHIP
OBJECTIVES
The Audit Committee Membership is introduced with the following objectives:
To: provide audit committee members with a forum for exchanging ideas and expertise;*
To: enhance the knowledge and awareness of audit committee members on latest developments;*
To: provide a venue for the audit committee members to get more information or put forward queries.**relating to internal auditing, risk management and corporate governance issues
MEMBERSHIP ELIGIBILITY
Membership is open to any director who fulfills the following conditions:
- Must be a company director (executive or non executive) who has been or is currently serving as a member of the board of audit committee;
- Application must be accompanied by a letter of confirmation from the company secretary to confirm that the candidate was or is a director of the company and a member of the audit committee.
DESIGNATION
Audit Committee Members are permitted to use the designatory letters CACD which stands for Chartered Audit Committee Director of The Institute of Internal Auditors Malaysia whilst they remain members of the Institute.
Professional Qualification List
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Certified Internal Auditor – CIA
Certification in Risk Management Assurance – CRMA
Certified Financial Services Auditor – CFSA
Certification in Control Self-Assessment – CCSA
Certified Government Auditing Professional – CGAP
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Association of Certified Fraud Examiners – CFE
Association of Chartered Certified Accountants – ACCA
Certified Information Systems Auditor – CISA
Certified Practicing Accountant – CPA
Certified Public Accountant – CPA
Chartered Institute of Management Accountants – CIMA
Institute of Chartered Accountants in England and Wales – ICAEW
The Association of International Accountants – AIA
The Institute Chartered of Chartered Secretaries and Administration – ICSA
The Malaysian Institute of Certified Public Accountants – MICPA
The Malaysian Institute of Chartered Secretaries and Administrators – MAICSA
Institute of Public Accountants – IPA