Statutory Audit

Services

Approved Company Auditors in Malaysia

An approved audit firm in Selangor must be a member of the Malaysian Institution of Accountant (MIA), and the Ministry of Finance must authorise him to practice as company auditor in Malaysia.

Marie J & Co is an approved audit firm Kuala Lumpur, Malaysia. We specialise in SME statutory audits in Malaysia. Other audit services that we provide are illustrated below.

Types of Audit Services that we provide:

As an audit firm in Selangor, we are committed to delivering independent, efficient, effective and comprehensive audits of financial statements, including attestations of internal control reporting. We provide quality assurance services to help ensure that our client’s financial statements meet the regulatory and business requirements under which they function.

The traditional audit approach focuses on numbers and accounting issues and assumes that business processes, informational technology architecture and organizational structures are static. However, success in business in the Asia Pacific today requires navigating complex and quickly changing business dynamics. In short, it requires a total systems view by an audit firm in Malaysia.

Marie J & Co customise our audit approach to suit the size and nature of our client’s businesses, organisation and internal controls. Coupled with our extensive industry knowledge as an audit firm in Kuala Lumpur to draw upon, we can provide you with the accurate and unbiased information you require in making vital business decisions.

As an audit firm in Malaysia, our deep understanding of companies’ legislations and regulations, approved auditing, and accounting standards has enabled us to assist our clients with complex reporting issues.

Compliance with regulations
Advice on controls and processing system weaknesses
Confirmation of accounting treatments with respect to complex transactions
Increased monitoring of prospective accounting and regulatory changes
Independent review of externally reported information
Accountants’ reports

Confidentiality in our Audit Services

Audit Fee

The calculation of fees is a sensitive issue, where professional ethics and the interest of auditing did not allow that the prices budgeted are too high or too low. Inadequate fees pose a threat to subordination of judgment and independence, integrity and objectivity.

Our fees for audit services is based on the followings:

Recommended Practice Guide 7 (RPG 7) issued by Malaysian Institute of Accountants for Audit Services.
Time-based
Time management is essential in ensuring efficiency in audit performance while time recording is an integral part of the documentary evidence of work performed.

Time charge shall be reflective of time spent by the partner and staff in terms of the quality and level of competence required to meet the auditing standards with reference to the size, complexity and technical input expected of the audit assignments.
Value-based
Audit fees shall generally be based upon the degree of responsibility, risk and skill involved and the time necessarily occupied on the work.

MIA Guideline on Audit Fee

Past empirical studies carried out by MIA have shown a proportionate correlation between audit fees charged, based on time charge, and the value of total assets or gross turnover or operating expenditure. Therefore, for consistency and harmonisation of the fee levels, MIA Council recommends that it is appropriate to determine audit fees using the Total Assets or Gross Turnover as shown in the financial statements and multiplying it with the coefficient percentages as shown in the coefficient percentage table (as shown below)

(i) Gross Turnover or Total Assets Basis

Total Assets or Gross Turnover for every ringgit of	Cumulative Ringgit (RM)	Rate (%)	Fees (RM)	Cumulative Fees (RM)
The first 100,000	100,000	1.000%	1,000	1,000
The next 150,000	250,000	0.438%	657	1,657
The next 250,000	500,000	0.313%	783	2,440
The next 500,000	1,000,000	0.188%	940	3,380
The next 1,500,000	2,500,000	0.125%	1,875	5,255
The next 2,500,000	5,000,000	0.100%	2,500	7,755
The next 5,000,000	10,000,000	0.094%	4,700	12,455
10,000,000 to 20,000,000		1,000 for every RM1,000,000 increase of a fraction thereof up to RM20,000,000
Above 20,000,000		Negotiable (but should not be less than RM20,000 per assignment)

The choice of Gross Turnover or Total Assets as the basis must be relevant and reflects closely to the time charge. Only where it is not appropriate to use Total Assets or Gross Turnover, we may adopt Total Operating Expenditure basis which must be relevant and reflect closely on time charge.

(ii) Total Operating Expenditure Basis

Total Operating Expenditure for every ringgit of	Cumulative Ringgit (RM)	Rate (%)	Fees (RM)	Cumulative Fees (RM)
The first 50,000	50,000	2.500%	1,250	1,250
The next 150,000	200,000	1.250%	1,875	3,125
The next 800,000	1,000,000	0.625%	5,000	8,125
The next 1,000,000	2,000,000	0.250%	2,500	10,625
Above 2,000,000		0.125%

Do you want to reduce your audit fee?

Well prepared documentation
Using a reliable and updated accounting software
Improve internal controls
Hire knowledgeable staff
Quick responses to auditor requests
Transparency to auditors