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All Malaysia companies are given maximum 18 months from the date of incorporation to close the accounting year and within 6 months from the financial year end, 30 days from the time financial statements were circulated to members, submit the first Audited Accounts to Companies Commission of Malaysia (CCM) or Suruhanjaya Syarikat Malaysia (SSM).


Audit plays a crucial role in raising the quality and reliability of companies’ financial disclosures. Thus Appointing the right auditor who can act as an effective gatekeeper is therefore fundamental to protecting the value of a company.



  • Exercise professional judgement and skepticism when assessing the risks of the company, planning appropriate procedures and gathering the right evidence.
  • Obtain sufficient appropriate audit evidence to be able to draw reasonable conclusions on which to base the audit opinion and to consider the risk of material misstatement in the financial statements arising from fraud or error.
  • Express an opinion on the financial statements based on conclusions drawn from the audit evidence obtained during the audit.
  • Report to the company on the financial statements required to be laid before the company during its AGM, as well as on the company’s accounting and other records relating to the financial statements. 
  • In Audit report, the auditor will state in his or her opinion the following:
  1. if the financial statements are prepared in compliance with the Malaysia Financial Reporting Standards and the provision of the Companies Act
  2. if the financial statements give a true and fair view of the company’s state of affairs, results, changes in equity and cash flows of the company; and
  3. if the accounting and other records are kept in accordance with the provisions of the Companies Act.


Maintenance of Good Accounting Record for Audit Purpose

  • The Management Accounts of the company prepared must be sent for audit immediately after the close of the financial year end.
  • The company should ensure that all relevant documents are made available for audit purpose.
  • Schedules for every balance sheet item should also be prepared.
  • Details General Ledger for all items in the Balance Sheet and Income Statement would also be required especially rental, commission, interest, donation/gifts, hire of equipment, directors’ remuneration/fees, salaries etc.