In Malaysia, a qualified auditor is someone that has been approved by the Ministry of Finance.
According to Company Law in Malaysia, all registered companies — publicly listed, private equity firms, joint venture capital — are required to have a professionally certified auditor. The auditor is charged with the responsibility of going through the company account and ensuring that all necessary procedures are followed in the preparation of the account. It is important to know that the account are not to be prepared by the auditor but to be verified by him or her.
The standard procedure is to create an end to end checkup system for the company account such that there are no discrepancies whatsoever. While the directors of the company are required to prepare the account of the company, the auditors are required to check for any imbalanced rationales or factors.
At the end of every business year, companies are required to present their shareholders the audited financial statement at the annual general meeting (AGM) that points to how business was operated throughout the year and possibly the expectation of the business for the new year.