In Malaysia, only licensed auditors approved under the Companies Act 2016 can perform statutory audits. These professionals must hold a valid audit license issued by the Ministry of Finance and be registered with the Malaysian Institute of Accountants (MIA).
Key Qualifications of a Licensed Auditor:
- Membership with MIA: Auditors must be Chartered Accountants registered with MIA.
- Audit License: They must possess a practicing certificate and audit license issued by the Accountant General’s Department under the Ministry of Finance.
- Experience and Ethics: Candidates must demonstrate relevant auditing experience and pass fit-and-proper assessments to ensure professional integrity.
What Licensed Auditors Do:
- Conduct independent audits of financial statements
- Ensure compliance with Malaysian Financial Reporting Standards (MFRS)
- Report findings in accordance with International Standards on Auditing (ISA)
- Provide an opinion on the true and fair view of the financial statements
Importance of Engaging a Licensed Auditor: Only licensed auditors have the legal authority to sign off on audited financial statements submitted to SSM. Using unqualified or non-licensed individuals may render your audit invalid and result in compliance issues.
How to Verify an Auditor’s Credentials: You can verify an auditor’s license through the official MIA website or request proof of certification before engagement.
At Jamal Amin & Partners, all audit work is conducted by qualified, licensed professionals with deep experience across industries. Our team adheres strictly to ethical guidelines, professional standards, and statutory requirements.
Additional Services Offered by Licensed Auditors:
- Advisory on internal controls
- Assistance during tax audits
- Financial due diligence
- Fraud investigations
In summary, engaging a licensed auditor is not just a legal requirement—it’s essential for the integrity and credibility of your business. Always ensure your audit partner is fully licensed and professionally recognized to avoid risks and ensure compliance.