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.
An audited report is a comprehensive report that contains Directors’ report and statement, etc
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.
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.
Supporting documents are an integral part of an audit as they provide evidence and validate the information presented in the financial statements.
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.
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.
The signing of an audited report must be original to ensure authenticity and credibility.
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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