The cost for a statutory audit varies depending on the size of the company, complexity of financial transactions, and the scope of work required. Typically, the fees are determined based on the volume of transactions, revenue, and the degree of audit risk. You can get an estimated quote after an initial evaluation.
As external auditors, our primary responsibility is to express an independent opinion on the company’s financial statements, ensuring they are free from material misstatements and comply with approved accounting standards. We also identify areas of risk and control weaknesses and provide recommendations for improvement.
A Private Limited Company (Sdn. Bhd.) must circulate its audited financial statements within 6 months from the financial year-end and submit to SSM within 30 days from the circulation date.
A statutory audit serves to validate the accuracy of a company's financial statements and ensure compliance with Malaysian Financial Reporting Standards (MFRS). It also boosts stakeholder confidence by certifying that the company’s financials are true and fair.
No, all Private Limited Companies (Sdn. Bhd.), regardless of size or transaction volume, are legally required to undergo an annual audit. Exemptions are only available for certain categories of private companies, such as dormant companies, under specific conditions.
The duration of a statutory audit typically ranges from 2 to 4 weeks, depending on the complexity of the company’s financial records and the cooperation of management in providing the required documentation.
Documents required include:
The company’s management and accounting team are responsible for preparing and submitting the necessary audit documentation. External auditors will then verify the accuracy and completeness of these records.
Failure to submit audited financial statements to SSM within the stipulated timeframe may result in fines and penalties for both the company and its directors. Persistent non-compliance may lead to legal action and blacklisting by SSM.
Yes, if inaccuracies or misstatements are identified during an audit, the company may face financial penalties and may be required to restate its financial statements. Severe discrepancies could trigger investigations by regulatory authorities.
While statutory audits are conducted annually, internal audits can be performed quarterly or semi-annually to ensure ongoing compliance and financial accuracy. Internal audits are not mandatory but are highly recommended for better financial control.
