As Registered Auditors, our firm provides statutory audit services in accordance to Malaysia Approved Standards on Auditing and International & Malaysian Accounting Standard. Our approach is based on an understanding of your business processes, strategies and goals. This enable us to identify and assess the risks that impact your business and achievement of goals. We believe that with personalized touches and a business mindset, we can help you grow your business potentially.
Our services include:
Statutory & Financial Audits
Auditors Report on Profit Forecast
Due Diligence & Investigation Audit
Internal Control & System Review
Operational & Performance Audit
Auditor’s Certification
AUDIT FEES
Malaysia Institute of Accountants (MIA) has recommended Practice Guide 7 (Revised) as a guide to charging for professional audit services in Malaysia with effect from 1 March 2010.
Auditors
Under the Malaysian Company Act 1965 all limited company must appoint a Auditor for the company within three (3) months after incorporation. The first Auditor appointment is the responsibilities of the Directors and they hold office until the first general meeting at which the company audited accounts are considered.
An approved auditor is one who has the necessary qualification and has been granted approval to act as auditor by the Malaysian Minister of Finance.
Audited Accounts
Pursuant to sections 167 of the Companies Act 1965, the directors of a company are responsible for ensuring that the company keeps accounting records sufficient to explain the transaction of the company. The accounts should be sufficient to determine the financial position of the company and enable true and fair profit and loss accounts and balance sheets to be prepared suitable for audit. The records must be kept for at least seven years.
Every year the company must table at the company Annual General Meeting an Audited Accounts of the company before lodgement with SSM.
Financial Audit
A financial audit or more accurately an audit of financial statement, is the verification of the balance sheet, which is a summary of an organization’s financial position at a specific point in time. It examines the income statement, which measures a company’s financial performance over a period of time. The audit also examines the cash flow statement, which discloses all of the inflows and outflows of cash over a given time period. In addition to the financial statements, an audit performs ratio computations on the data provided by the statements. These ratio computations determine the company’s financial health. The purpose of an audit is to add credibility to the financial statements of a business organization.
Statutory Audit
Statutory Audit is done by Chartered Accountants, “to ensure the financial statement’s i.e. the Balance Sheet, Income & Expenditure Account and Receipt & Payment Account, give a true and fair view and are free from any misrepresentations and frauds”. It is a statutory requirement under the Malaysian Companies Act, 1965 that a company incorporated in Malaysia regardless of the size of the company has to prepare its financial statements annually in accordance with applicable approved accounting standards in Malaysia, and has to be audited in accordance with approved standards on auditing in Malaysia.
All enterprises i.e. sole proprietor or partnership doing business in Malaysia is not required to have its financial statements audited annually.
Recent Comments