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Audit for Malaysia Company

Updated:2018-4-17 17:22:54    Source:www.tannet-group.comViews:239

It is a requirement under the Companies Act of Malaysia that every private limited company doing business in Malaysia must appoint an approved company auditor or audit firm for auditing its accounts and reporting to the members of the company annually. In other words, annual audit in Malaysia is mandatory for every private limited company doing business in Kuala Lumpur (KL) or any parts of Malaysia, regardless of the size of the company.

An audit in Malaysia involves performing procedures in order to obtain audit evidence about the amounts and disclosures in the financial statements. In the audit of financial statements, the objective is to enable the auditor "to express an opinion whether the financial statements are prepared, in all material respects, in accordance with an identified financial reporting framework".

The laws in Malaysia also require that a company's annual audit must be performed by an approved company auditor or audit firm. The approved auditor in Malaysia is required to be a member of Malaysian Institute of Accountants (MIA), obtained with recognized academic or professional qualification and has relevant professional practical experience.

The Difference between Accounting and Auditing
Accounting is a process that creates financial statements and other financial information that is useful for the management. The Companies Act provides that the directors of the companies are ultimately responsible for the preparation and fair presentation of the financial statements.

An audit does not create accounting information but involves examining accounting information. An audit of financial information enhances the credibility and reliability of financial information and statements. Reliable information is necessary for users of the financial information such as investors, creditors and financial institutions.

Contact Us
If you have further enquire, please do not hesitate to contact Tannet at anytime, anywhere by simply visiting Tannet’s website www.tannet-group.net, or calling Malaysia Office hotline by 603- 2141 8908 or email to tannetcom88@gmail.com.
Add: Unit 6.06, Level 6, Amoda 22, Jalan Imbi, 55100, Kuala Lumpur, Malaysia.

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