As part of the requirements under the Company Act of Malaysia, an annual audit report is mandatory for every private limited company (‘Sdn Bhd’).
The laws in Malaysia also require that a company’s annual audit must be performed by an approved company auditor or audit firm. The approved company auditor is an independent party, particularly there is a clear distinction between an accounts personnel engaged to perform accounting services and the auditor who form an independent judgement based on the financial reporting prepared by the client.
The audit engagement work revolves in testing procedures in order to obtain audit evidence about the amounts and disclosures in the financial statements. In the audit of financial statements, the objective is to enable the auditor “to express an opinion whether the financial statements are prepared, in all material respects, in accordance with an identified financial reporting framework”.
The important function of an audit report is to enable any stakeholders or 3rd party users of financial reports such as a banker, investor and/or venture partner who will rely on the credibility of the financial affairs being reported at any point in time before any financial decisions are made.
Our partners in Steve & Co Asia comprises of a group of qualified and experience independent auditors who may accommodate a scalable and extensive range of audit engagement services within a reasonable time frame.