ShineWing TY Teoh logoShineWing TY Teoh logoShineWing TY Teoh logoShineWing TY Teoh logo
Menu
  • Home
  • About
      • ShineWing TY TEOH
      • ShineWing International
      • Praxity
      • Founder's Message
    • ShineWing TY TEOH

      ShineWing International

      Praxity

    • Founder's Message
    • Praxity
    • ShineWing International
    • ShineWing TY TEOH
  • Services
    • Audit & Assurance
    • BPO & Business Advisory
    • China Desk
    • Digital Transformation & Data Analytic
    • Family Office & Private Client Services
    • Financial & Transaction Advisory
    • Market Entry Advisory
    • Migration Advisory
    • Myanmar Desk
    • Offshore Advisory
    • Profit Improvement
    • Risk & Governance Advisory
    • Singapore Desk
    • Sustainability Advisory
    • Tax Advisory
    • Transfer Pricing Advisory
    • Valuation Advisory
      • Audit & Assurance
      • BPO & Business Advisory
      • China Desk
      • Digital Transformation & Data Analytic
      • Family Office & Private Client Services
      • Financial & Transaction Advisory
      • Market Entry Advisory
      • Migration Advisory
      • Myanmar Desk
      • Offshore Advisory
      • Risk & Governance Advisory
      • Singapore Desk
      • Sustainability Advisory
      • Tax Advisory
      • Transfer Pricing Advisory
      • Valuation Advisory
    • Audit & Assurance

      BPO & Business Advisory

      China Desk

      Digital Transformation

      Digital Transformation & Data Analytic

      Family Office & Private Client

      Family Office & Private Client Services

      Financial & Transaction Advisory

      Financial & Transaction Advisory

      Market Entry Advisory

      Market Entry Advisory

      Migration Advisory

      Migration Advisory

      Myanmar Advisory

      Myanmar Desk

      Offshore Advisory

      Offshore Advisory

      Risk & Governance Advisory

      Risk & Governance Advisory

      Singapore Desk

      Singapore Desk

      Tax Advisory

      Tax Advisory

      Transfer Pricing Advisory

      Transfer Pricing Advisory

      Valuation Advisory

  • Ideas & Insights
  • Careers
    • Join Us
    • Learning & Development
    • Exchange Programme
      • Join Us
      • Learning & Development
      • Exchange Programme
    • Join Us

      Learning & Development

      Exchange Programme

  • Contact
    • Enquiry Us
    • Malaysia Offices
    • Offices Location
      • Enquiry Us
      • Malaysia
      • Offices Location
    • Enquiry Us

      Malaysia

      Offices Location

CLOSE
  • Home
  • About
    • ShineWing TY TEOH
    • ShineWing International
    • Praxity
    • Founder’s Message
  • Services
    • Audit & Assurance
    • BPO & Business Advisory
    • China Desk
    • Digital Transformation & Data Analytic
    • Family Office & Private Client Services
    • Financial & Transaction Advisory
    • Market Entry Advisory
    • Migration Advisory
    • Myanmar Desk
    • Offshore Advisory
    • Profit Improvement
    • Risk & Governance Advisory
    • Singapore Desk
    • Sustainability Advisory
    • Tax Advisory
    • Transfer Pricing Advisory
    • Valuation Advisory
  • Ideas & Insights
  • Careers
    • Join Us
    • Learning & Development
    • Exchange Programme
  • Contact
    • Enquiry Us
    • Malaysia Offices
    • Offices Location
  • Home
  • Blog
  • Duties of Auditors in Malaysia
PRESSROOM   I   LOG IN

Duties of Auditors in Malaysia

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.

auditing

Duties Of An Auditor

1. The number one duty of an auditor is to check that the companies account has been drawn up properly and that they follow the Malaysia and Companies act of 2016.

These duty perhaps is the drive that makes an auditor wear the face of a stranger while performing their duties for their organization. They are responsible for cross checking every little detail that goes into the financial accounts of their organization.

 

2. An auditor is responsible for giving informed opinion about the position of the account of their organization.

They can tell whether the account of the company truly implies the financial position of the company and that the shareholders and the public (in a case where they are publicly listed) are not charmed with an engineered financial accounts of the company.

 

3. Their job involves making sure that no member of the organization regardless of their power or position is allowed to tamper with the true financial position of the company. The auditors’ license and most importantly goodwill and reputation lies on this.

They must give the shareholders a complete assurance that the financial statement of the organization is untampered with.

 

4. An auditor must ensure that all accounting papers, and necessary records stipulated to be kept by the Malaysia and Companies act are all well-kept without any speck of atrocity.

 

5. Other responsibilities of an Auditor in Malaysia include:

  • Auditors are responsible to the shareholders of a company. They understand that while their duties are completely to the company, their loyalty is to the shareholders.
  • Auditors have the right to enquire any member of the organization about any information that will shed light on the true financial position of the company.
  • An auditor is expected to attend all annual general meeting (AGM) with the shareholders and any emergency meeting as deemed fit by the company.
  • In a case where the company has subsidiaries, auditors of the organization at all the branches are requested to submit their findings to the general auditor for the audition of a consolidated financial statement. Auditors at the subsidiaries are also required to give access to their books as requested by the general auditor.

For more information about auditors and accountants, fell free to get in touch with us.

Share
0
ABOUT

ShineWing TY TEOH
ShineWing International
Praxity
Founder's Message

SERVICES

Audit & Assurance
BPO & Business Advisory
China Desk
Financial & Transaction Advisory
Migration Advisory
Myanmar Advisory
Offshore Advisory
Profit Improvement
Risk & Governance Advisory
Sustainability Advisory
Tax Advisory
Transfer Pricing Advisory
Valuation Advisory

IDEAS & NSIGHTS
CAREERS

Join Us
Learning & Development
Exchange Programme

CONTACT

Enquiry Us
Malaysia Offices
Offices Location

PRESSROOM
OUR GLOBAL PRESENCE

1

100+

630+

42000+

Network

Countries

Locations

Professionals

© 2021 ShineWing TY TEOH. All Rights Reserved.

ShineWing TY TEOH ("SWTYT") is a member firm of ShineWing International ("SWI") and Praxity. Each member firm of SWI and Praxity is a separate and independent legal entity. SWTYT and its affiliates are not responsible or liable for any acts or omissions of SWI and Praxity or any other member of SWI and Praxity and specifically disclaim any and all responsibility or liability for acts or omissions of SWI and Praxity or any other SWI member.

SWI is a Top 20 global network of independent accounting and consulting firms by International Accounting Bulletin ("IAB"). Praxity is the world’s largest alliance of independent accounting firms by International Accounting Bulletin ("IAB").

Legal   |   Privacy   |   Blog