Thanks shirley.

You seem like know a lot of things in audit. Are you looking for audit position?

One more question.

What is statutory audit? What is the difference between it and the audit report that the auditor normally do?

Thanks

Based on my view in several posts in LYN, there is not any person claim that they are the staff of the company.

But, depend on which branch and people you are working in, some you will meet good people and some may not.

It will still depend on your luck, no one can give a correct answer.

If you meet the requirements of the Big 4 accounting firm, I would suggest you apply with them. You will definite learn and exposure to more things and have benefits of study leave, sponsor of your study with bond, trainings and higher salary.

well it depends on the Manager in charge of you.. some are badass manager.. and will give you a so so review.. some are kind.. and will give you high review even if you did so so

If you have an internship and did well.. your 2nd interview for permanent position will be a breeze..

Is not a report. is one of part of the Working paper call Statutory audit.. you are just recording the summary for your senior conveniences..

Dont learn how to record, understand the purpose of each forms, F11, F49, F44, F24, F32, etc.. and why they need to record and use those forms.

UNDERSTAND the reason behind each workings.. then you know how to adapt to every companies records.

BDO likes BIG4 alumni, or mid tier high level staff (ie. Supervisor above). or freshies..

If other than that.. they will offer you 1 or 2 position lower than your previous position.

It depends on which manager you follow.. every firm got a few badass manager which make the place a living hell

After audit, you produce a report..READ IT. You can read lots of Listed Company such as Airasia, etc and learn a lot.

http://www.bursamalaysia.com/market/listed...cements/1284981

Because of this sentence, you need to do a Statutory Audit which is part of the Company's Independent audit "In our opinion, the accounting and other records and the registers required by the Act to be kept by the Company and its subsidiaries of which we have acted as auditors have been properly kept in accordance with the provisions of the Act."

Because you need to audit and form an opinion on it.

This post has been edited by richard831: Jul 2 2013, 10:08 PM


Attached File(s)
 Auditor_report.pdf ( 34.8k ) Number of downloads: 152
 Auditor_report2.pdf ( 27.83k ) Number of downloads: 84

statutory audit is going to the client's company secretary(the company in charge of preparing Company's resolutions etc documents) to get information(photostat) all of the company's information(resolutions, issue of shares, change of directors, etc) up till the audit signing date.

Correct half..

The other half is: You need to understand the Company Act and if the records are keep in accordance to the Act. Any findings need to be rectify by the Secretary or else will be report to the Audit Committee for further actions.

Last resort will be to state a different opinion on the final report..


"In our opinion, the accounting and other records and the registers required by the Act to be kept by the Company and its subsidiaries of which we have
acted as auditors have been properly kept in accordance with the provisions of the Act."

Therefore as an auditor you need to know not only debit and credits but various Acts such as Company Acts, Income Tax Act, BAFIA, Anti Money Laundering Act (AMLA), Securies Commission regulations, MIA by-laws on what can an auditor do and what auditor cannot do...

Haha.. so Think before you really want to go into audit line.. the title and everything you do sounds glamour.. But how many out there are competent enough to carried out audits.. Sometimes these so called "auditors" are laughing stock as they failed to understand before engaging.

so hard to get into a medium firm also


applied so many, none got response

at first i was aiming for big 3 only, then realize i dont stand a chance, not even mid-tier also hard.

i really dont want to work for a china man audit firm

from tax point of view

expenses incurred on statutory audit is deductible under special deduction under audit expenses pursuant to rules 129/2006 smtg

any other audit (interim audit / due diligence ) expenses are not deductible

which city are you applying.. Dont be surprise... almost ALL mid tier plus the self acclaimed no.5 also practising china man style management.. just that their Working paper up to Current standards requirement only compare to small firms..

Statutory audit is the report that the auditor has audited the financial report of the company?

Is director confirmation is part of the auditing process? What is it for? Statutory audit is equal to director confirmation right?

Just wondering, which mid tiers firms have the most balanced number of employees of all 3 races ( even mix of malay, chinese and india colleagues)?

I am looking forward to work in a multicultural environment though.

This post has been edited by OMG!: Jul 2 2013, 10:37 PM

Independent Statutory Audit is the whole process... Audited Financial Statement is the Product...

Statutory Audit = Statutory Audit on the Company records (Ie. Checking the secretarial files and records). <Auditor like to call "stat audit" for short, which eventually confuse all juniors and there on passed to those who do not UNDERSTAND THE CONCEPT OF INDEPENDENT AUDIT. > This work done is to ensure that the Company keep its records in Accordance to the Companies Act.

Directors Confirmations's is actually a Blank Form passed on to each director in which they have to declare their Shareholdings, remunerations and any other related service provided to the Group during the year.

This form is actually has to be completed by the Directors themselves.. <But auditors mostly done the work by typing everything in. and ask them sign.. and the Directors will mostly sign blindly just to comply without checking the figures correct or not>

The form is actually another source to tied the amount back to the Financial Statement (Remuneration) and Company Records (shareholdings).

In audit, the more source tied back to an item, the more reliable the items is. <Audit evidence- another topic which can go on for pages>


"Statutory audit is equal to director confirmation right?" NO

LOL.. if you want multicultural.. should not choose 3 only right....

It is a Chinese populated industry... it wont be balanced.. but a firm can consider Malaysian Firm (rather than chinese firm, Malay Firm, Indian Firm) if it has a diversity of ppl working it. But still majority Chinese i would say.

WOW, thanks for the explanation, Richard831.

I believe you are an auditor. Are you still working in audit firm or in commercial firm.

Really appreciate your efforts.

yes as richard mentioned, there's the majority there, BUT I'll advice u to stay away from medium if u want more balance, cuz medium firm people like to speak chinese among themselves, so unable to understand chinese would be a disadvantage unless u're the very engaging type.

Cuz when they speak chinese and u don't understand, eventhough its just casual chat, you bound to miss out on a fair share of informal and indirect learning from the seniors and managers.

Sad but its the truth.

This post has been edited by shirley_andy: Jul 2 2013, 11:07 PM

Thank you for the insight shirley_andy

Thank you for the insight richard831

In a Mid -Tier firm.

Bear in mind, there is plenty of works and reading to do if you wish to stay in audit line.. kiss goodbye to 9 to 5 if you want to really learn.

Audit is not just tying figures, checking documents, vouching.(this is just the tip of the iceberg)

It is to ensure that the Company COMPLY. So you need to be very well verse in the various Acts, regulations, accounting standards.

Understand and Apply. Not following Step 1, 2, 3.. If this is so simple, i can just get an SPM grad and ask them to follow saja