At any time before the first annual general meeting of a company, the directors of the company may appoint, or (if the directors do not make an appointment) the company at a general meeting may appoint, a person to be the auditor of the company, and any auditor so appointed shall hold office until the conclusion of the first annual general meeting.
External audit fees are based upon the degrees of responsibility and skill involved and the time necessarily occupied on the work. There are no standard fees on audit fees, but you can estimate your audit fee based on Recommended Practice Guide 7 (Withdrawn with effect from 1 June 2015) issued by Malaysian Institute of Accountant.
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with approved standards on auditing in Malaysia. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
External audit is a periodic or specific purpose audit conducted by external (independent) qualified accountant. Its objective is to determine, among other things, whether
(b) prepared in accordance with the provisions of Generally Accepted Accounting Principles (GAAP)
(c) the statements prepared from the accounts present fairly the organization’s financial position, and the results of its financial operations
External auditors represent third-party users and most often perform financial audits; internal auditors are employees of the organization, they assist management and, for the most part, perform operational audits.
Audit report will be presented in AGM (Annual General Meeting) normally and submitted to Companies Commission of Malaysia together with the company annual return. Thus a company (Sdn. Bhd. Or Bhd) financial statement should be audited every year.
Our report is made solely to the members of the Company, as a body, in accordance with Section 174 of the Companies Act 1965 in Malaysia.
In Malaysia, every Companies incorporated under the Companies Act 1965 are required to conduct audit every year and submit their audit report to Companies Commission of Malaysia (CCM). It is to enhance the reliability and creditablity of the financial report prepared by the company directors, in which various stakeholders used it as a source for reference.