Every Sdn Bhd company is required by the Companies Act 2016 to appoint an approved auditor for their companies. Whether active or not, large or small, all companies must have its accounts audited by the auditors every year after it financial year end. The shareholders and director shall then adopt and approve the audited accounts.
Malaysia Approved Auditors
An approved auditor in Malaysia is a member of Malaysian Institute of Accountants (MIA) and he must be approved by the Ministry of Finance to practice as auditors in Malaysia.
Auditors Job Scope
The auditors shall conduct their audit in accordance with approved standards on auditing in Malaysia. Those standards require that the auditors comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of risks of material misstatement of the financial statements, whether due to fraud or error.
In making those risk assessments, the auditors consider internal control relevant to the Company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial statements.
What is Audited Financial Statements
The audited financial statements are those accounts which have already been audited by the company auditors.
The auditors will at the auditors’ report express an opinion whether the financial statements are prepared, in all material respects, in accordance with the requirement of Malaysia Companies Act so as to give a true and fair view of the financial position of the Company.
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 firstname.lastname@example.org.
Add: Unit 6.06, Level 6, Amoda 22, Jalan Imbi, 55100, Kuala Lumpur, Malaysia.
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