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C&CO CHARTERED ACCOUNTANTS

AUDIT COMPANY IN MALAYSIA

UNDERSTAND THE AUDIT SYSTEM

An audit is a systematic and independent examination of books, accounts, statutory records, documents and vouchers of an organization to ascertain how far the financial statements, as well as non-financial disclosures, present a true and fair view of the concern. It also attempts to ensure that the books of accounts are properly maintained by the concern as required by Malaysia law (e.g. Companies Act 2016). Any subject matter may be audited. Audits provide third party assurance to various stakeholders that the subject matter is free from material misstatement. The term is most frequently applied to audits of the financial information relating to a legal person. Other areas which are commonly audited include secretarial & compliance audit, internal controls, quality management, project management, water management, and energy conservation.

Understand Auditing System
Approved Company Auditors

APPROVED COMPANY AUDITORS

As an audit company in Malaysia, we help stakeholders to effectively evaluate and improve the effectiveness of risk management, control, and the governance process over the subject matter. Due to strong incentives (including taxation and other forms of fraud) to misstate financial information, auditing has become a legal requirement for many entities who have the power to exploit financial information for personal gain. In Malaysia, every company (Sdn. Bhd.) is required to appoint an auditor for their companies regardless of whether the company is active or dormant, large or small. Every company in Malaysia must have their accounts audited by approved company auditors every year and submit their audited report to Companies Commission Malaysia (CCM). Following this trend, we have also gained fame as the top audit company in Malaysia

AUDITING AND ASSURANCE SERVICES

We provide auditing and assurance services by upholding the objectives of obtaining reasonable assurance about whether the financial statements of the Company as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with approved standards on auditing in Malaysia and International Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. As part of an audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing, our auditing and assurance services exercise professional judgement and maintain professional skepticism throughout the audit.

Auditing And Assurance Services

AUDITORS’ RESPONSIBILITY ON FINANCIAL STATEMENTS

Identify & Assess Risk

Identify and assess the risks of material misstatement of the financial statements. This assessment include and not limited to whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Provide Audit Conclusion

Conclude on the appropriateness of directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date.

Identify Underlying Transaction

Evaluate the overall presentation, structure and content of the financial statements of the Company, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Design Audit Procedure

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.

Evaluate Accounting Policies

Not every accounting policy proposed or implemented is suitable for each company. We are the helper that comes in as a role to help companies in evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by directors.