Assess readiness
Review the financial records, reconciliations, schedules and known outstanding matters before audit fieldwork begins.
Audit Arrangement
Audit preparation and arrangement for Malaysian companies
FSV prepares the records, coordinates with the independent approved auditor and manages agreed follow-up so the audit process is clear and organised from preparation through completion.
What this covers
- Audit-readiness review and gap identification
- Preparation of agreed schedules and supporting audit file
- Coordination with the independent approved company auditor
- Coordination of responses to audit queries and agreed adjustments
- Tracking from draft financial statements through signing and completion
- Coordination of relevant SSM lodgement where included in the agreed scope
How it works
A coordinated path from readiness to completion
Prepare the audit file
Organise agreed schedules, supporting documents and relevant working papers for the independent auditor.
Coordinate queries
Track requests, route questions to the appropriate people and coordinate agreed responses or adjustments.
Track completion
Track agreed milestones through final financial statements, signing and relevant lodgement steps where included in scope.
Better-prepared files, clearer follow-up
Well-organised reconciliations, schedules and supporting documents can help reduce avoidable back-and-forth and make audit queries easier to address.
Independence, stated plainly
The statutory audit is performed by an independent approved company auditor. Under Audit Arrangement, FSV prepares and coordinates the information required for that audit and helps manage the agreed process. The independent auditor determines the audit procedures, evaluates the evidence and issues the audit opinion.
Clear responsibilities
Who does what in an audit arrangement?
FSV
Prepares agreed schedules and working papers, coordinates information, helps organise responses to queries, tracks agreed milestones and supports relevant filing coordination where included in scope.
Independent approved company auditor
Performs the statutory audit, determines the audit procedures and evidence required, evaluates the audit findings and independently issues the auditor's report or opinion.
Company and directors
Provide complete records and explanations, consider matters raised during the audit, approve the financial statements and fulfil the responsibilities that remain with the company and its directors.
Need the accounting records brought up to date before audit preparation?
Readiness gaps can be identified first. Any accounting or reconciliation work needed can then be agreed as a separate scope.
Questions
Audit Arrangement — frequently asked
Does every Sdn Bhd need an audit?
Not every private company will necessarily require a statutory audit. Requirements and exemption eligibility depend on current SSM rules and the company's circumstances. Audit exemption may be available to qualifying private companies, depending on the relevant financial period, revenue, assets, employee count and other applicable conditions.
Read the audit-exemption guideWho performs the statutory audit?
The statutory audit is performed by an independent approved company auditor. FSV's Audit Arrangement role is preparation, coordination and agreed follow-through unless an explicitly verified engagement states otherwise.
Can you work with our existing auditor?
FSV can coordinate agreed preparation and information with the company's existing independent auditor where appropriate. The company does not need to change auditor for FSV to support an agreed Audit Arrangement scope.
What do you need from us to start?
Requirements vary by company and auditor. They may include current accounting records, a trial balance or financial statements where available, bank reconciliations, supporting schedules, previous audit information where relevant, and corporate or tax records relevant to the agreed scope.
What if our accounting records are not audit-ready?
Readiness issues can be identified first. Any required accounting, reconciliation or record-updating work can then be scoped separately through Accounting Services where necessary, without assuming a particular completion deadline.
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Ready to prepare for your next audit?
A short scoping call is usually enough for us to explain what is required and what it will cost.