Frequently Asked Questions
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.
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.
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.
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
- 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
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
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
Forecasting and reporting
Reviewing financial performance to improve business
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.
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.
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.
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.
- Malaysian Institute of Certified Public Accountants (MICPA)
- Institute of Commercial and Industrial Accountants, Malaysia (ICIA)
- Association of Chartered Certified Accountants (ACCA)
- Chartered Institute of Management Accountants (CIMA)
- Institute of Chartered Accountants in England and Wales (ICAEW)
- Institute of Chartered Accountants in Australia (ICAA) and CPA Australia