It is a mandatory requirement for your company to carry out audit yearly by a professional audit firm, except company that is a dormant, zero-revenue or threshold qualified company. As the decision-maker, you need to know you are acting on reliable information. Business risks must be monitored and managed, and your systems and controls must meet legal requirements.
HY Accounting associates provide a wide range of audit and assurance services to assist our clients in satisfying the statutory requirements by the Companies Act 2016 and in compliance with the approved standards on auditing in Malaysia and International Standards on Auditing.
We are committed to inspiring greater confidence and trust, with a comprehensive understanding of the businesses and enhanced transparency through our audit advice. We adopt specific strategic needs for different risks in each industry. Our audit approach is not only tailored to achieve the traditional objectives but also to make valuable contributions to our clients by enhancing their profitability and competitiveness.
Audit and assurance services include:
1. Crucial Savings in Cost and Time
Normally, you would need a well-staffed internal audit team to carry out this function effectively. It is beyond one man’s capacity to handle all aspects of audit alone. Hiring an in-house team is expensive. You would have to pay these full-time employees many perks. The costs involved are:
When you use outsourcing for the same, you just need to pay for the project on a piece-meal basis, and the costs are much lower. An external auditing team is generally more experienced and has a wider knowledge base. Hence, they can get the job done faster in a much more efficient manner.
2. Consultancy provided by Auditors
A dedicated third-party auditing contractor has a much more robust auditing team staffed with subject matter experts in various niches. These would include:
These experts would bring years of domain experience to the table. They would provide you with crucial consultancy and insights to streamline your business into new heights of performance.
3. Unbiased Approach and Impartial Audit
The chances of some deep-hidden conflict of interest coming into play, defeating the purpose of the audit, are much higher in the case of using an in-house auditing team. Outsourced auditors conduct the audit with an objective and unbiased outlook. You are likely to get much better results and recommendations by taking their help.
4. Focusing on Core Competency to Gain Crucial Efficiency Advantages
If you are a new venture, you are best going to succeed by focusing all your energies on your core competency. You do not want to spread yourself too thin by diluting your energies on housekeeping jobs like auditing. It is much better to hire external auditors to carry out effective audits for your new business.
5. Modern Technological Tools
The tools used in accounting and auditing are evolving at a break-neck speed to keep pace with the always-changing standards and guidelines issued by the regulatory bodies. If auditing is not your core business, you are much less likely to have the best tools to do the job in your company. Outsourced auditors bring the power of best-in-class industry-standard tools to do the job better.
