Malaysia Hotline: +603- 2141 8908
The
Companies Act of Malaysia requires every private limited company in any parts
of Malaysia to appoint an approved company auditor or audit firm to audit its
accounts and report to the members of the company annually.
For any
business that is registered as a sole proprietor or partnership carrying out
business in Malaysia is not required by law to have its financial statements
audited annually.
All
companies, regardless of their size, must have its accounts audited by the
auditors every year before the Annual General Meeting (AGM). The shareholders
shall then adopt and approve the audited accounts (audited financial
statements) during the Annual General Meeting (AGM).
To be an
approved company auditor in Malaysia, the applicant is required to be a member
of Malaysian Institute of Accountants (MIA) and must be approved by the
Ministry of Finance to practice as auditors in Malaysia. The audit license can
be obtained with recognized academic or professional qualification and relevant
professional practical experience. The Ministry will grant an audit license for
approved auditors in Malaysia for a period of two (2) years and the audit
license is renewable.
Malaysia
Company Audit must be performed to obtain reasonable assurance whether the
financial statement of the company is free from material misstatement. An audit
involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements.
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. 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.
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 Private Entity Reporting Standards and the
Companies Act 1965 in Malaysia so as to give a true and fair view of the
financial position of the Company.
Contact
us
If
you have further queries, please contact Tannet
24
hours Malaysia hotline：603-21418908;
24
hours Hong Kong hotline：852-27837818;
24
hours Hong Kong hotline：86-755-
36990589;
Email:
mytannet@gmail.com
TANNET GROUP : http://www.tannet-group.net, http://en.tannet.com.my