Please clarify if the entire Companies Act 2016 will be effected on 31 January 2017 or only the six services in MyCoid 2016 will be effected on 31 January 2017?

Once enforced on 31 January 2017, all provisions in the Companies Act 2016 will take effect except section 241 and Division 8 of Part III.

The six services under MyCoID is to facilitate the incorporation of companies under the new Act and related matters.

Apakah tanggungjawab pengarah setelah menerima notis peletakkan jawatan sebagai juruaudit syarikat?

Pengarah hendaklah:

1. Memanggil mesyuarat agung syarikat secepat mungkin yang praktikal untuk melantik juruaudit baru
2. Mendapatkan kebenaran secara bertulis daripada juruaudit yang dicalonkan
3. Memanggil dan mengadakan mesyuarat agung syarikat untuk melantik juruaudit baru

Audit brings financial discipline 

Audit necessitates the need to prepare proper accounts. This could save you money as the new Companies Act 2016 has imposed increased liabilities to company directors for failing to prepare adequate financial statements.

On conviction, the new Act imposes a fine not exceeding five hundred thousand ringgit or imprisonment for a term not exceeding three years or both. Audit is a major deterrent against fraud, money laundering and other illegal activities. 

Although the audit process is not designed to detect fraud, there is no doubt that in the absence of an audit, fraud and errors are more likely to occur and go undetected without any independent examination. 

"SMEs are generally without in-house financial and managerial expertise.

The accountants’ role in providing the necessary financial and management advice fills this gap.

 An independent audit also builds public confidence towards the integrity of financial statements and in nurturing the right corporate behaviour of SMEs. "

Datuk Dr Hafsah Hashim Chief Executive Officer SME Corp Malaysia

SOURCES : MIA

Audit License Interview

Core and Non Core Areas

• Core areas are knowledge and skills that are applicable by the auditors across a broad set of functionalities i.e MIA By Laws , International Standards of Auditing , MFRS, MPERS, Recommended Practice Guides, Companies Act Provisions.
• Non cores are dealing with other than MIA By Laws being discuss in core areas, Anti Money Laundering Act, Taxation, Public Ruling ,Unclaimed Monies Act and current development in Malaysia
• 

Akauntan yang bertanggungjawab

Untuk menjadi akauntan bertauliah, anda memerlukan 3 tahun pengalaman. Berdaftar dengan Malaysian Institute of Accountants, dan anda tertakluk di bawah Accountants Act 1967.

Tak semua orang yang kerja nye membuat akaun atau audit bole menggelar diri mereka sebagai akauntan.

Ramai yang dilihat atau syarikat mempunyai akauntan terutama nye SME. Tetapi masih tidak menepati syarat sebagai akauntan dan boleh dikatakan tidak layak menggelar diri mereka sebagai akauntan.

Apabila akaun syarikat dibuat dan diselia oleh individu yang tidak berkelayakan, banyak masalah yang timbul seperti tidak menepati piawaian akaun, masalah cukai syarikat yang tidak berkesudahan akibat tersalah peruntuk dan kawalan dalaman yang cacamerba.

GST MAMPU MENGEMBANGKAN PERNIAGAAN

Jika satu entiti ingin mendaftar sebagai entiti yang kena cukai perlu mencapai threshold ditetapkan. Namun entiti yang belum mencapai threshold boleh mendaftar secara sukarela. Kebanyakan syarikat multinasional atau syarikat yang besar dari segi market capitalisation mensyaratkan pembekal mempunyai daftar GST.

Amatlah rugi bagi entiti yang tidak mempunyai daftar GST tidak dapat menyertai tender atau membekal barang atau khidmat kepada syarikat-syarikat seperti ini.

INCOME TAX (EXEMPTION) ORDER 2016 [P.U. (A) 40/2016]

The Order exempts an individual resident in Malaysia from the payment of income tax of RM2,000 in respect of his chargeable income provided that his total aggregate income shall not exceed RM96,000.

The Order shall apply for the year of assessment 2015.

source : MIA