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
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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

Apakah itu Professional Indemnity Insurance ?

Every professional takes great pride in his work and strives to do his best but accidents are unexpected. An inadvertant error in professional services may cause severe financial impact.

Professional Indemnity Insurance is meant to cushion the impact of such losses by providing protection to the professional.

Under Section 510 of the MIA By-Laws (On Professional Ethics, Conduct and Practice), every MIA member in public practice is required to obtain Professional Indemnity Insurance with a minimum coverage of RM250,000 for each member/partner practice through which that member practices upon commencement of public practice.

The Malaysian Institute of Accountants (MIA) has appointed Marsh Insurance Brokers (Malaysia) Sdn Bhd as the insurance broker and consultant with regards to the MIA Professional Indemnity Insurance Scheme (PII) with effect from 1st July 2005. The PII Scheme is underwritten by ACE Jerneh Insurance Berhad (ACE Jerneh) (formerly known as Jerneh Insurance Berhad).

Ini bermakna mana - mana akauntan yang berdaftar dengan Malaysian Institute of Accoountants (MIA) dan menjalankan praktis atau menawarkan khidmat profesional seperti khidmat akaun ,GST, audit, company secretary serta khidmat konsultansi yang lain, mereka wajib memiliki insuran untuk melindungi khidmat mereka. Oleh itu, sekiranya anda ingin mengambil khidmat profesional khususnya khidmat akaun, GST, audit dan company secretary , pastikan mereka yang menawarkan khidmat ini bukan sahaja berdaftar dengan MIA tapi yang mempunyai daftar AFxxx, NFxxx dan memiliki professional indemnity insurance.

Siapa Audit Oversight Board ni ?

The Audit Oversight Board (“AOB”) is established under Part IIIA of the Securities Commission Act 1993 (“SCA”) which came into force on 1 April 2010 to promote and develop an effective audit oversight framework and to promote confidence in the quality and reliability of audited financial statements in Malaysia.

Dengan kejatuhan firma -firma yang bereputasi besar dan berita - berita mengenai penipuan, telah menimbulkan keresahan berkenaan dengan kredibitli penyata kewangan yang diaudit.

Oleh itu Audit Oversight Board (AOB)telah ditubuhkan sebagai badan audit yang bebas untuk melihat kepentingan awam dan memastikan rangkakerja juruaudit di negara ini sama tinggi dan setanding dengan piawaian antarabangsa.