Appointment Of Auditors

Learning

outcomes: Know what is approved company auditor Understand the requirement of the profession auditing standards Understand requirements of the law

Approved Company Auditor

Look

at your Auditors Report Who is the auditor? How does he get appointed? When is he appointed? Who appoints him?

The Companies Act 1965

Approved

company auditor means a person approved as such by the Minister under section 8 whose approval has not been revoked (Section 4)

Section 8
8(1) Any person may apply to the minister charged with the responsibility for finance to be approved as a company auditor 8(2) good character and competent to perform the duties of an auditor 8(5) renewal every 2 years 8(7) Minister delegates to body of persons (MIA)

Section 9
9(1)Cannot

consent to be appointed if

(a)

not an approved company auditor

Section 9
9(1)(b)

he is indebted to the company >RM2500 9(1)officer of the company, partner,employer or employee of an officer of the company, if he is responsible for keeping of register of members or register of debenture holders of the company

Section 9
If

he is a shareholder or his spouse is a shareholder of a corporation whose employee is an officer of the company

Section 9(6)
Must

consent in writing to act as auditor

What audit?
:

Financial statements,compliance, operational audits, forensic audits Different auditors: approved company auditors, internal auditors, government auditors, forensic auditors

Auditing standards
On

engagement AI 200, 210, 250