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Audit

Purpose of Audit

The purpose of the audit is to ensure compliance with financial and legal regulations, assessing the accuracy of financial statements and providing assurance to stakeholders and shareholders.

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Audit

What Is an Audited Report?

An audited report is a comprehensive report that contains Directors’ report and statement, etc

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Audit

Purpose of Declaration In the Audited Report

The declaration in the audited report states that the financial statements are the responsibility of the management and that they have prepared them in accordance with relevant accounting standards and regulations.

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Audit

Purpose of Bank Confirmation

Bank confirmation serves as a critical document used in the audit. The purpose of bank confirmation is to independently verify and confirm the accuracy of financial information related to a company’s bank accounts.

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Audit

Why Does the Audit Need So Many Supporting Documents?

Supporting documents are an integral part of an audit as they provide evidence and validate the information presented in the financial statements.

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Audit

When Is the Audit Due Date?

The financial statements of a company are due for audit under Section 258 (1) of the Companies Act, 2016 that a private company shall circulate its audited financial statements to its members within 6 months from the end of its year end, and lodge the financial statements to the Companies Commission of Malaysia (SSM) subsequently.

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Audit

How Long Does an Audit Take to Be Completed?

The duration of an audit varies based on several factors such as the size of the company, complexity of its operations, quality of internal controls, scope of the audit, and the thoroughness required.

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Audit

Why Must the Signing of an Audited Report Be Original?

The signing of an audited report must be original to ensure authenticity and credibility.

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Audit

When Can a Company Apply For Audit Exemption?

In Malaysia, a company can apply for audit exemption if it meets certain criteria outlined by the Companies Commission of Malaysia (SSM).

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