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In Malaysia, the statutory audit legal framework is primarily governed by the Companies Act 2016 and the Malaysian Institute of Accountants (MIA) Act 1977. The Companies Act mandates that public and certain private companies must appoint an auditor to conduct annual audits and submit financial statements to ensure compliance and transparency. Auditors must adhere to the Malaysian Financial Reporting Standards (MFRS) and are regulated by the MIA to maintain professional standards. Additionally, the Audit Oversight Board (AOB) oversees the auditing profession, ensuring quality and accountability in financial reporting.
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What is the difference between statutory audit and non -statutory audit?
Statutory audits are reviews of a business or governments financial records as required by law. Non-statutory are audits not required by legal statute but needed because of some other reason. A non-statutory might be needed if some issue is brought to light such as an irregularity in the way business is being done or perhaps in the case where some type of intentional actions such as an incompetent accountant or even embezzlement was discovered, to find out the extent of the issue.
What is statutory and non statutory post?
legal and non legal
What is differences between internal and external statutory audit?
An Internal audit is performed by employees of your own company, usually by employees who are subject matter experts. Internal audit results are usually taken under consideration by management and improvements are made by the company in order to avoid an external audit finding which may result in the risk of citation or fine.An external statutory audit would be performed by and auditor who is employed by the government (local, state, or federal). The external auditors findings are legal and binding and may lead to citations or fines or both.
What is statutory framework?
A statutory framework refers to the set of laws and regulations enacted by legislative bodies that establish the legal structure within which certain activities or processes must operate. It provides the necessary guidelines, rules, and principles governing specific areas, such as education, healthcare, or business practices. This framework ensures consistency, accountability, and compliance, and it outlines the roles and responsibilities of various stakeholders. Essentially, it serves as the legal foundation for the functioning of institutions and organizations within a particular jurisdiction.
How you do statutory audit?
A statutory audit involves a systematic examination of a company's financial statements and records by an independent auditor to ensure compliance with legal and regulatory requirements. The process typically includes planning the audit, assessing risks, evaluating internal controls, performing substantive testing, and gathering sufficient evidence to form an opinion on the financial statements. The auditor then issues an audit report, which expresses their opinion on whether the financial statements present a true and fair view of the company's financial position. Finally, the auditor communicates findings and recommendations to the management and stakeholders.
Is charitable societies statutory bodies?
Charitable societies can be considered statutory bodies if they are established by law or under specific legislation that governs their formation and operation. In many jurisdictions, charitable societies are registered under specific acts, which grant them certain legal statuses and responsibilities. However, not all charitable organizations are statutory bodies; some may operate independently without formal statutory recognition. The classification often depends on the legal framework of the country in which they operate.
How do you do a statutory audit?
A statutory audit involves a systematic examination of an organization's financial statements and records to ensure compliance with legal requirements and accounting standards. The process typically includes planning the audit, assessing risks, gathering evidence through various procedures (such as inspections and confirmations), and evaluating the effectiveness of internal controls. After reviewing the findings, the auditor prepares a report summarizing their findings and expressing an opinion on the accuracy and fairness of the financial statements. Finally, the report is submitted to the relevant regulatory authorities and stakeholders.
What is difference between legal and statutory reserves?
Answer: legal and statutory reserves There is no difference. Both legal and statutory reserves are reserves that must be maintained by law. The previous answer ("Legal reserves are stipulated by law, while statutory reserves are determined in the Articles of Association (the Statute of a company)") is incorrect: the primary meaning of 'statutes' is 'enacted laws'
Institutional framework of legal aid in Nigeria?
Discuss the legal and institutional framework for legal aid in Nigeria.
Why is statutory law regarded as primary source?
Statutory law is regarded as a primary source of law because it consists of written laws enacted by legislative bodies, such as Congress or state legislatures. These laws provide a clear and authoritative framework for governing behavior and resolving disputes. Unlike secondary sources, such as legal opinions or commentaries, statutory laws are binding and enforceable, making them fundamental to the legal system. Additionally, they reflect the will of the elected representatives and the public, establishing the legal standards that society is expected to follow.
What does statutory controls mean?
Statutory controls refer to legal regulations established by legislation that govern specific activities or sectors. These controls are designed to ensure compliance with laws, protect public interests, and maintain standards in areas such as health, safety, and environmental protection. Entities or individuals must adhere to these regulations, and violations can result in penalties or legal action. Essentially, statutory controls create a framework for accountability and oversight within various domains.
Is Statutory law the highest form of law?
In many legal systems, constitutional law is considered to be the highest form of law because it sets the framework for all other laws, including statutory law. Statutory law refers to laws passed by a legislative body, while constitutional law refers to the fundamental principles and rules outlined in the constitution.
