Internal
Audit
Many people think that Internal Auditor is only required for Public Listed Companies. Not exactly true! In fact our Internal Audit team can do more than that for SMEs business or even for start-up business. If you are looking to streamline your business process, develop standard operating procedures (SOP), or create new company policies, we are here to help you. Check it out our internal audit services:
I am a....
Public Listed Company Officer
SME Company Manager
Internal Audit Outsourcing Service
(for Public Listed Companies)
With organizations being driven to do more with less, the internal audit (IA) function has become a prime candidate for strategic sourcing. This can include outsourcing the entire function or just certain critical elements. Like many other functions, IA has become highly sophisticated and virtually a business in itself. Achieving effective IA capabilities requires a significant level of investment in skilled resources, methods, training and technical infrastructure.
Co-sourcing or outsourcing internal audit work can reduce costs, free up capital, and enhance your ability to focus on what you do best. It can also provide you with the ability to tap into specific skill sets, industry knowledge and global resources on an ‘as needed’ basis.
Internal Audit
Outsourcing
For Companies that looking to move out the entire internal audit function to an outsourced vendor, and focus their time and resources in expanding their business.
Scope Of Works
- Conduct internal audit as per International standards on internal auditing.
- Develop annual audit plan, risk assessment, and audit program.
- Execution of audit plan, including field work and field visits, sample check, data analysis, discussions with auditee.
- Reporting to management and the audit committee.
Benefits
- Convert fixed costs to variable costs.
- Gain access to highly skilled and experienced professionals.
- Leverage effective knowledge sharing and thought leadership.
- Obtain a fresh perspective and an added level of scrutiny.
- Eliminate internal audit training and recruiting costs.
- Enjoy greater staffing flexibility, especially as special projects arise.
Internal Audit
Co-Sourcing
For Companies that still wish to maintain it’s in-house audit team, whilst looking to reduce compliance cost.
Scope Of Works
We take instruction from your in-house Internal Audit Management team on:
- Execution of audit plan, including field work and field visits, sample check, data analysis, discussions with auditee.
- Reporting audit findings to Internal Audit Head.
- Perform special audit on new project.
Benefits
- Enjoy greater saving compared to hiring a permanent specialist on short-term engagement.
- Offer greater flexibility to handle special engagement or new project audit.
- Provide independent view on the audit plan/objective set by in-house audit team.
Additional Services
(for Public Listed Companies)
Today’s the risk that organizations are facing are more sophisticated than ever before. Thanks to advances in information technology and booming growth of social media use, risks travel and multiply faster than ever. In addition, the business landscape is more complex with disruptive technologies and competition.
Control Self-Assessment (CSA)
is a technique that allows managers and work teams directly involved in business units, functions or processes to participate in assessing the organization's risk management and control processes.
Enterprise Risk Management (ERM) Service
ERM is the process of identifying and addressing methodically the potential events that represent risks to the achievement of strategic objectives, or to opportunities to gain competitive advantage.
US Sarbanes-Oxley Compliance Services
We assist US-MNC to ensure compliance with the Sarbanes-Oxley Act.
Operational Audit Service
To improve the overall performance of an organisation and maximise profitability, our staff can offer valuable insights into business process improvement and re-engineering, operational streamlining and cost reduction, and how to implement best practice initiatives.
Internal Audit Service
(for SMEs or Start-up)
In Business, regardless big or small, having a proper internal control system in a key to success!
Our Internal Audit Team can provide value added services to SMEs or Start-up Business in strengthening their internal control environment.
For SME Business
When your business is scaling, the risk of your internal control failure is increasing at the same time. More staff, more products, more branches, etc are the main factors that causing you as the business owner to lose track of your company.
There will be higher risk of fraud, staff stealing, supplier cheating, customer not paying, etc.
To make sure your Company are properly shaped when it’s expanding, we can help you to do something!
Review & Streamline Business Process
We help you to review your existing business process, streamline and benchmark to the industry best practices.
RM2500
per business process cycle
(for 5 work days)
Develop Standard Operating Procedures (SoP)
When your company is growing, a formal written SOP will help new staff to understand and adhere to the Company's policy and procedures.
RM1000
per SOP
(for 5 work days)
For Start-up Business
As a start-up entrepreneur, you probably will spend most of your time on your product/services, looking for new customers, etc.
While you do not have time to look after your internal stuff, things might get wrong without you actually knowing it, or your new staff may not know what are the company policies and start asking you each and every question.
This can be quite annoying. No worry, we have some solution for you.
A-Z Company Policy Book
We will provide you a complete set of Company Policy Books (from Finance, HR, Sales, Purchase) and templates that suit your business industry, and we can customize them to fit your business operation.
RM1000
per policy for selected business cycle
Special Audit Service In Malaysia
Apart from internal audit, we also help business owners to perform special audit based on their business requirements
Financial Due Diligence Audit (For Merger And Acquisition)
If you are looking to acquire another company, we will help you to conduct financial due diligence check to make sure the accounts are in order, and the acquisition price valuation is fair.
Sales Audit
For any joint-venture or franchising business, if you have a requirement to conduct special audit on the sales amount, we may help you.
F.A.Q on Internal Audit Service
On a general note, external audit focuses on getting your Audited Financial Statement right and accurate; whilst Internal Audit focuses on improving your Company’s internal control environment.
The role of internal audit is to provide independent assurance that an organisation’s risk management, governance and internal control processes are operating effectively.
For public listed companies, internal audit is a mandatory compliance requirement as regulated by the Stock Exchange Listing Rules. You can either set up an in-house internal audit team or outsource to a professional firm.
For SMEs and Start-up businesses, you may engage Internal Auditor to help improving your business processes, setting up standard operating procedures (SOP), developing company policies book, etc.
- Improves internal control environment of the organization.
- Identifies & eliminate redundancies in operational and control procedures.
- Provides recommendations on best practices.
- Serves as an Early Warning System to detect potential business or control risks.
- Increases accountability of each department within the organization.
Read Our Article And Guide
Form C Due Date for Year of Assessment 2020
Based on the Filing Programme 3/2020 issued by the Inland Revenue Board, Company year end Original Due Date (7 mth from FYE) Grace Period (Filing Programme 3/2020) Extended due date 31 Jan 2020 31 Aug 2020 +2 31 Oct 2020 29 Feb 2020 30 Sep 2020 +2 30 Nov 2020 31 Mar 2020 31 […]
Form E and EA
What is Form E – Return Form of Employer? Form E is a declaration report submitted by every employer to inform the Inland Revenue Board on the number of employees and the list of employee’s income details. Form E is due for submission every year not later than 31st March. Effective from year of assessment […]
MFRS 16 Leases – Accounting & Tax Impact
How does the new MRFS 16 affecting accounting and tax? Here are the summary: Effective date 1 January 2019 Main features Lessee accounting applies a “right-of-use” approach: lessee to recognize assets & liabilities for the rights & obligations created by lease contractsno longer be a distinction of finance leases & operating leases for lessee accounting […]
Deductibility of Secretarial and Tax Fees
To summarise: Secretarial fee Fee for filing of tax WEF YA2020 Max combined limit = RM15000 Condition to claim Incurred & paid in the basis period; andNo prepayment of expenses Incurred & paid in the basis period; andNo prepayment of expenses. Eligible expenses Khidmat nasihat berhubung mesyuarat syarikatpenyediaan resolusi pengarahpenerbitan sahampengemukaan borang-borang […]
Tax Treatment of Foreign Exchange Gains and Losses
The tax treatment of foreign exchange gains and losses can be summarized in the following diagram. 1Note Realised means settlement of payment when the equivalent amount in RM is determined. Where an amount is settled in foreign currency via a foreign currency account, no physical conversion of the currency is necesssary before the amount is […]
What is CP58 – Statement of Monetary and Non-Monetary Incentive Payment to Agent, Dealer or Distributor?
The Income Tax Act, 1967 (ITA) imposes the responsibility to companies to issue a form CP 58 on any incentives (whether in monetary form or otherwise) to its agents, dealers or distributors. Agent, dealer or distributor is defined in Section 83A (4) of ITA 1967 to mean “any person who is authorized by a company to act as […]
My company share capital is RM2.5 million, is my company entitle for preferential tax rate of 17% wef YA2020?
The Inland Revenue Board has issued a Practice Note 3/2020 – Determination of gross income from business sources of not more than RM50 million of a company or limited liability partnership. In addition to share capital requirement, the taxpayer must have gross income from business source not exceeding RM50 million for the basis period for […]
Should I form a Sole Proprietorship vs a Company?
Sole Proprietorship Company (Sdn Bhd) Entity name Personal name or trade name Ended with “ Sdn Bhd” Legal status Not a separate legal entity Separate legal entity Personal liability Unlimited liability No personal liability on director or shareholder Perpetual succession No Yes Number of directors N/A Minimum 1 Number […]
Are there differences if I take Director Salary vs Director Fee?
Director Salary Director Fee Frequency Generally fixed and pay regularly Generally irregular and subject to resolution of the company Need approval? Not required Decided by directors and subject to shareholders’ approval Compulsory subject to EPF/Socso/EIS Yes No Subject to PCB Yes Yes Need to declare in personal tax Definitely […]