FAQs

Frequently Asked Questions

An audit is the examination of the financial report of a company through an independent body like audit firm.

An audit firm is a group of professional accountants that provide a range of accounting, audit and assurance services for clients in order to improve the company's overall efficiency and growth while identifying the inefficiencies and inconsistencies that exist in their setup. 

The financial report of an audit consists of an income statement, a balance sheet, equity changes statement, a cash flow statement, and notes having a summary of significant accounting policies, etc.

The purpose of an audit is to deliver an independent examination of the financial statements and analyze whether the information presented in the financial report reflects the financial position of the organization/company on a given date.

Audit firm usually provides audit, financial consulting, accounting advisory, product pricing, and a range of taxation services. They may investigate any possible thefts or frauds. An audit firm also ensures compliance and the accuracy of various financial reports, etc.

The auditor makes an opinion of whether the financial statements are free of any type of inconsistency, fraud or errors, etc. They assess audit procedures type and the extent they will do, according to the risks they have already identified. Some of the vital auditing procedures are listed below: 


  • Asking numerous questions from a range of individuals exist in the organization. 
  • Inspecting accounting and financial records as well as other tangible items, etc.
  • Provide recommendations on the most necessary assumptions. 
  • Evaluating and testing the internal controls of an organization.
  • Monitoring specific processes within the organization. 

There are three most common types of audits in the accounting industry that include internal audit, external audit, and Internal Revenue Service (aka. IRS). Other types are related to a financial audit, operational audit, statutory audit, compliance audit, and tax audit. There are also some special-purpose audits that some independent firms provide during the auditing process.

Assurance in auditing analyzes and is used in the assessment of financial statements or compliance efforts.

The most common assurance services are listed as under:


  • Operational and Financial Reviews
  • Business Performance Measurement
  • Risk Assessment
  • Compliance Reviews
  • Investigations
  • Information Systems Reviews, etc. 
The major difference between Accounting and Bookkeeping is that Accounting is responsible for interpreting, classifying, analyzing, reporting, and summarizing financial data while Bookkeeping is all about recording of financial transactions in some way and it doesn't interpret or analyze data. 

GMNI is an international authoritative association of quality professional accounting firms. They share a commitment to service the needs of their clients from start-ups to developing bodies and businesses. They have over 60 member firms and more than 170 member offices from approx. 51 countries worldwide. 

In general, all listed corporate bodies and limited liability organizations are subject to an audit each year unless they are members of a specific local accounting regularity group or charities. Other companies may require or request an audit according to their ownership and structure.

Accounting services include financial services auditing and correction, tax returns preparations, track expenses as well as revenues, making financial records, and delivering consulting services.



Major accounting services include but are not limited to;

  • Making the complete set of accounts
  • Financial assessment reviews and compilation
  • Preparation of reports 
  • Bookkeeping
  • Preparation of schedules for audit
  • Management Accounting
  • Business performance monitoring
  • Assets management
  • Internal Auditing
  • External Auditing
  • Statutory Auditing
  • Payroll services
  • Forensic Accounting
  • Business tax return preparation
  • Budgeting and forecasting
  • General business consulting & more
An assurance report is the substantial output of an assurance engagement and can be used for external or internal use. The reports are highly sensitive and only be shared with the stakeholders of the organization.

In general, accountants provide the following services to their clients. 

  • Initial meetup for initiating best business structure
  • Reviewing, making, and auditing of the clients' financial statements
  • Register you personally for self-assessment, if you are a sole trader or in a partnership
  • Setting up the payroll system
  • Auditing and Assurance services
  • Ongoing accounting services for monthly, quarterly, or yearly basis
  • Tax planning, tax advisory, estimations, etc
  • Submitting tax returns when needed
  • Register the client's business for VAT, if necessary
  • Register for corporation tax, for limited liability companies
  • Making annual company accounts
  • Bookkeeping on a monthly basis
  • Management consulting to improve business growth
  • Company secretarial services
  • And many more
Depending on the complexity of the Company, you should allow sufficient time for the auditor to perform their work prior to the submission dateline. Suggested timing: At least 3 weeks.
Yes, a licensed tax agent under the Ministry of Finance will ensure you get the best tax advice.
Within 8 months after the Company's financial year ended.* For example, the financial year ending on 31 DECEMBER 2019, the filling period will be till 31 AUGUST 2020.
There is a misconception that auditing is the same as accounting. But in reality, both are different to some extent. The major difference between accounting and auditing is that accounting is an act of maintaining the financial records of a company which aim is to provide a true and fair view of the financial statements to various users; while auditing is the evaluation of financial records prepared by the accounting process which aim is to verify the reliability of the financial records.Another major difference between the two is that accounting is done on an almost daily basis while auditing is usually done annually. Similarly, accounting is processed by the employees of an organization, while an audit is compiled by an independent body with no financial ties to the organization.
Though it's not necessary for sole proprietorships to audit but it will be better for businesses that are involved in a large volume of transactions.

Client Accounting Services (CAS), also known as client advisory services, are those accounting services that accounting or audit firms provide to control the financial backbone of any clients’ businesses. Client accounting services include but are not limited to:

Accounting, bill payment, accounts payable, etc.

Document gathering/management, expense management

Transaction processing, bookkeeping, and more

Payroll compliance and more

Periodic tax payments and compliance

HR Compliance

Forecasting and reporting

Reviewing financial performance to improve business

Accounting is important as it helps the business stakeholders and key members to make smart decisions while evaluating the financial matters in a better and efficient way.
Accounts software is great for solving various complex accounting tasks; however, if you don't know which software is best for your business then it can be time-wasting and useless as well. With the help of the best accounting firm, you can save your valuable time and get peace of mind because these types of firms are backed by certified accountants who know the best use of accounting softwares.

Accounting services cost vary from firm to firm and region to region. It will also depend on the type of work. Usually, accountants fees start from $100 and go up to $500 per month and sometimes even more. Hourly rates for accounting and auditing services range from $20 to $50 per hour. 

Outsource accounting is a term used in accounting in which a company outsources (delivers) some of its accounting tasks to an accounting or audit firm that provides outsource accounting services.

Accounting outsourcing is a special service offered by an accounting firm or an accountant in which they perform various required financial tasks at their client's working place instead of their own office.
Corporate Accounting refers to a specific accounting branch that deals with accounting for organizations, assists in developing their accounts and any cash flow statements, analyzes and interprets the financial results for the companies, as well as handles events i.e. amalgamation, absorption, and consolidated balance sheets.
Corporate accounting is dedicated to providing financial services to only a single company or firm whereas public accounting provides accounting services to a range of firms. Public accountants offer accounting, auditing & assurance, and tax related services to their clients.
There are 3 accounting standards that are being used in Malaysia until now:


  • MASB Approved Accounting Standards for Entities other than private entities – Malaysian Financial Reporting Standards (MFRSs)
  • MASB Approved Accounting Standards for Private Entities – Private Entity Reporting Standards (PERSs)
  • MASB Approved Accounting Standards for Private Entities – Malaysian Private Entities Reporting Standard (MPERS)

MIA, short of the Malaysian Institute of Accountants, is the umbrella body for the accountancy profession in Malaysia. It was created under the Accountants act 1967 to manage and develop the accountancy profession in Malaysia.

 

MIA is aligned with the standards issued by the IFAC and the IAASB. Selangor and Federal Territories (Kuala Lumpur, Putrajaya, and Labuan) have the most number of MIA memberships.

MASB, short of "Malaysian Accounting Standards Board", was developed under the Financial Reporting Act 1997 (Act) as the standard-setting body of the Financial Reporting Foundation (FRF). Its mission is to develop and promote premium quality, internationally practiced, and consistent financial reporting and accounting standards in Malaysia.

The Malaysian Financial Reporting Standard (MFRS), imposed on 1 January 2012, is used and practiced by a private limited company that needs to make integrated accounts that are compliant with the full financial reporting standards set by the Malaysian Accounting Standards Board. 


Private corporate bodies now have a choice of pursuing the existing PERS's Framework or apply the MFRS Framework. MFRS framework improved the quality, credibility, and transparency of your financial information.

Following are some other largest accounting bodies operating in Malaysia.

The Audit Oversight Board or AOB is established under Part IIIA of the SCMA 1993 which became operational on 1 April 2010 to develop and promote an effective audit oversight framework in Malaysia. 

Accounting and bookkeeping services cost in Malaysia usually starts from RM500 and goes over RM1500 according to the nature and volume of work. 

As of 01 July 2019, there were approx. 36,000 professional accountants working in Malaysia, according to MIA. And the country aims to produce 60,000 accountants by 2020. 

Till 2019, there were approx. 22,000 chartered accountants working in Malaysia. 

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