Frequently Asked Questions

About Auditors' Roles and Responsibilities

Frequently that we heard auditors are only required due to the regulatory obligations of a company. However, the auditors’ roles and responsibilities in the economic framework are far more stretched that just a regulatory requirements. A proper and appropriately drawn up audited financial statements are sought after by business entities to be utilised as an internal performance indicators, determination of its future business directions, quantification of short-term and long-term obligations, resources and capital management and measurement of business capacity. These examples are one of the many reasons to highlight on the importance of a statutory audit that at least, businesses are complying with. 

Listed in this section are frequently asked questions about statutory auditors and its services. Should you have other questions about the Firm, please do not hesitate to contact us.

As regulated by the Companies Act 2016, the company auditor is required to report to the members of a company on its financial statements, accounting and other records relating to those financial statements. 

The auditors are also required to provide their opinion that the financial statements are drawn up so as to give true and fair view on the matters required by Section 248, company’s affairs, and in accordance to approved accounting standards.

In accordance to the Companies Act 2016, the audited financial statements submitted within 6 months from the date if financial year end. The scheduling with the auditors are utmost important to avoid any penalties from the regulators for late submission.

Based on our experience, this depends on the size and complexity of a company. The audit fieldwork usually requires 1-3 weeks while finalisation of the audit report could take 1-2 weeks time. However, should everything falls in place and well planned, the timeframe could be shortened extensively. Please contact us to request our Firm’s profile as we drill through our audit approach and processes.

As the audit industry being more competitive and requires extensive compliance to the International Standards of Auditing, the audit fees charged by Audit Firm varies. It depends on degree of responsibility, manpower skills involved and timecost required to complete the audit. 

In upholding the spirit of Competition Act 2010, Malaysian Institute of Accountants have abolished its practice guide on audit fees schedule. Following this, it has been our priority to perform our audit effectively and efficiently to ensure winners at both ends.

In accordance to Companies Act 2016, Section 245, the directors and managers of a company shall keep the accounting and other records to sufficiently explain the transactions and financial position of the company, including to make avail for the records to be conveniently properly audited.

We accept documents – scanned, softcopy or hardcopy as audit evidence in accordance to our auditing standards. This is for us to reduce any leakage in timecost due to logistic issues in delivering the documents and subsequently expedite our audit fieldwork.

Our role includes us to provide the members of the company and those charged with governance, any findings on the system of internal control, as per required to the public companies and its subsidiaries by Section 246 of Companies Act 2016.

Our holistic approach in our audit allows us to identify internal control issues that could require the management’s attention and immediate action.