Audit services is one of MKT & ASSOCIATES' core business activity. Type of audit services that we provide is statutory audit services.
Statutory audit means an audit required by law.
It is a statutory requirement under the Malaysian Companies Act, 1965 that companies incorporated in Malaysia have to prepare its financial statements in accordance with applicable approved accounting standards in Malaysia.
The objective of statutory audit are as follows;
the financial statements are in accordance with applicable approved accounting standards in Malaysia
the financial statements are in accordance with the requirements of the Malaysian Companies Act, 1965.
Other than the above the auditors would give some suggestions to improve the internal control systems of the Company by way of a letter or a separate report.
This is an added value kind of service provided by statutory auditors especially by the big firms to their big clients.
Smaller audit firms normally will be servicing smaller clients where the management and policy of the Company as a whole would be depending on the directors or a director alone.
In this circumstances, there would be no internal control system available and there is no advice or suggestion from the auditor would be effective.