Pursuant to section 290.186A of the By-Laws (On Professional Ethics, Conduct And Practice) of the Malaysian Institute of Accountants ("Ethics By-Laws"), where a financial statement audit client is a listed entity or public interest entity, the firm or network of firm performing the financial statement audit should not accept an engagement to provide internal audit services.
As such, the internal audit function of a listed corporation should not be outsourced to the firm/person performing the statutory audit for the listed corporation.