Beginner’s Guide to Choosing the Best Audit Services in Malaysia
An audit is a critical process to ensure that a company’s accounting records are accurate and represent the actual occurrences during a specific period. Additionally, it helps uncover misappropriations and fraud within the company.
You need an audit service provider because Malaysia mandates the annual audit of financial statements and accounting records. More importantly, choosing the best audit services in Malaysia is crucial as it lends credibility and confidence that your accounts are true and fair.
Do you need audit services but don’t know where to start? We have gathered and outlined the top 10 best audit services in Malaysia for your convenience! This guide also provides an overview of audit services and their importance.
What Are Audit Services?
Audit services are professional services provided by external auditors. A company hires an external auditor to review and audit its financial records. This procedure is required because the Malaysia Companies Act mandates that every company’s financial statements and accounting records be audited annually unless the company qualifies for audit exemption.
During an audit, auditors review the accuracy of financial statements and records. For instance, they might perform an inventory count to verify that the physical stock matches the records. They also trace supporting documents for significant transactions, look for discrepancies, and confirm whether events really occurred or were falsified.
Additionally, audit services reveal whether the company follows the standards for financial reporting. These standards are rules that dictate how companies classify, measure, and present transactions that occurred during the accounting period. These standards ensure uniformity in financial reports, making company financials easily understandable and comparable to benchmarks. Audits reinforce this goal by reviewing how the company classified, measured, and presented its accounts.
Why Do You Need Audit Services?
The agency problem is the primary reason for conducting audit services. This typically occurs in large companies with separate ownership and management functions. Large companies often hire a corporate service provider to oversee business operations, strategize to increase sales, and maximize profits. In this setup, the company owners are the principals, and the service provider is the management team or agent responsible for achieving the principals’ goals.
The agency problem arises when the agent acts unfavorably when presented with an incentive. For example, a manager might falsify increasing sales to receive a bonus for reaching a sales quota. The records would then show satisfactory revenue, while the company might actually be struggling. Such actions are not aligned with the company owner’s goals.
Requiring external audits introduces a checking mechanism to prevent the consequences of the problem. The external auditor acts as an independent party that examines financial records for fairness. It prevents management from committing misdeeds, misappropriations, and fraud, knowing that someone will review the company records.
This is why it is crucial to choose the best audit services in Malaysia. You need a knowledgeable, experienced, and competent audit service provider to uncover concealing activities and improper asset and record management.
Where Should I Find the Best Audit Services?
When choosing audit services, your main concern should be the firm’s reputation and credibility. Additionally, consider if it is compatible with your company type.
Is the audit firm certified to offer audit services and recognised by appropriate audit authorities? Will working with them allow you to reach your goals, given your company type, size, and business needs? These are just a few questions to consider when looking for the best audit services in Malaysia. Review these qualifications in the top 10 best audit services in Malaysia.
Here are the Top 10 Best Audit Services in Malaysia
3E Accounting Malaysia
Company Name: | 3E Accounting Malaysia |
Website: | https://www.3ecpa.com.my/ |
Email Address: | info@3ecpa.com.my |
Contact #: | +603 27338633 |
Address: | Menara Centara, 360, Jalan Tuanku Abdul Rahman, #20-01, 02/03, 50100 Kuala Lumpur, Malaysia |
Operating Hours: | Monday to Friday: 9 AM–6 PM |
Services Offered: | Accounting, Bookkeeping, Company Incorporation, Registration, Business Support, Human Resources, and a range of other corporate services. |
YH Tan & Associates PLT
Company Name: | YH Tan & Associates PLT |
Website: | https://www.yhtanmy.com/ |
Email Address: | enquiry@yhtanmy.com |
Address: | B-5-2, IOI Boulevard, Jalan Kenari 5, Bandar Puchong Jaya, 47170 Puchong, Selangor, Malaysia |
Operating Hours: | Monday to Friday: 9:30 AM-6PM |
GSK
Company Name: | GSK |
Website: | https://www.gskassociates.net/ |
Email Address: | gunalan@gskassociates.net |
Address: | Unit 37-2, Level 37, Q Sentral, No.:2A, Jalan Stesen Sentral 2, 50470 Kuala Lumpur. |
Operating Hours: | Monday to Friday: 9:30 AM-6PM |
BDO
Company Name: | BDO |
Website: | https://www.bdo.my/en-gb/home |
Email Address: | contactus@bdo.my |
Address: | Level 8, Menara Centara, 360, Jalan Tuanku Abdul Rahman, Chow Kit, 50100 Kuala Lumpur, Federal Territory of Kuala Lumpur |
Operating Hours: | Monday to Friday: 9:30 AM-6PM |
L & Co
Company Name: | L & Co |
Website: | https://landco.my/ |
Email Address: | enquiry@landco.my |
Address: | 17-2, Dinasti Sentral, Jalan Kuchai Maju 18, Off, Jalan Kuchai Lama, 58200 Wilayah Persekutuan, Wilayah Persekutuan Kuala Lumpur |
Operating Hours: | Monday to Friday: 9:30 AM-6PM |
Accounting.my
Company Name: | Accounting.my |
Website: | https://accounting.my/ |
Email Address: | accmy333@gmail.com |
Address: | 27-2-1, Jalan Medan Putra 6 Medan Putra Business Centre, Bandar Sri Menjalara, 52200 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur |
Operating Hours: | Monday to Friday: 9:30 AM-6PM |
Crowe Malaysia PLT
Company Name: | Crowe Malaysia PLT |
Website: | https://www.crowe.com/my |
Email Address: | +603 2788 9999 |
Address: | Level 16, Tower C, Megan Avenue II, 12, Jalan Yap Kwan Seng, 50450 Kuala Lumpur |
Operating Hours: | Monday to Friday: 9:30 AM-6PM |
KS Chia & Associates
Company Name: | KS Chia & Associates |
Website: | https://kschia.com.my/ |
Email Address: | INFO@KSCHIA.COM.MY |
Address: | 9-3A-1, Jalan Metro Perdana Barat 1, Taman Usahawan, 52100 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur |
Operating Hours: | Monday to Friday: 9:30 AM-6PM |
Cheng & Co
Company Name: | Cheng & Co |
Website: | https://chengco.com.my/wp/ |
Email Address: | enquiry@chengco.com.my |
Address: | Wisma Cheng & Co, No 16-G, Jalan 2/114, Kuchai Business Centre, Off Jalan Klang Lama, 58200 Kuala Lumpur |
Operating Hours: | Monday to Friday: 9:30 AM-6PM |
End of List on the Top 10 Best Audit Services in Malaysia
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