Internal Auditing Services in Malaysia | Forensic Audit Services in Malaysia
Internal Audit Services
Internal auditing is not only about establishing compliance measurement but also involve advising the senior management and Board of Directors (or other similar oversight group) on how to better execute their roles and responsibilities. In other words, internal auditors are important to an organisation to evaluate the effectiveness of the organization and protect the organization against risk. Having internal auditors in an organization will bring a multiplicity of benefits to the management of the organization.
Malaysia Audit Fees Schedule and Table
Aimed to cope with the increased compliance burden and operation cost as well as to avoid “price war” that might affect the professionalism of auditors, Malaysia Institute of Accountants (MIA) has recommended Practice Guide (RPG) 7 for Audit Fee Charge (New Audit Fee) by Audit Firm for providing auditing services in Malaysia with effect from 1 March 2010. This recommended guide serves as the basis for establishing a reasonable level of remuneration that will encourage the practitioners to maintain and up-grade the quality of services rendered. Although the RPG 7 was removed by the Council from the website in order to uphold the spirit of the Competition Act (CA) 2010 and not breach any of its provisions, yet it will still become part of our associated auditor guideline in establishing their audit fees for performing their Statutory Audit Services in Malaysia.
Forensic Audit Services
The term covers an expansive scope of activities. In general, forensic auditing refers to the investigative effort undertaken by accountants where the accountants will take a deep dive into a company’s financial matters. In the event that there is doubt of fraudulent activities taking place, Forensic Audit Services in Malaysia are engaged to investigate the issue. The sorts of fraud involved in this kind of investigation incorporate corruption, misappropriation of assets and falsifying financial statements.