Audit & Assurance
With FastLane

We provide cost-effective and smooth audit services

Contact Us

Audit and Assurance Services in Malaysia

FastLane Group prioritizes delivering high-quality Audit & Assurance services. Our committed team serves as your trusted advisor, leveraging a vast global network and in-depth local business knowledge to provide excellent value across diverse industries. Trust us to navigate the ever-changing economic climate, ensuring transparency, regulatory compliance, and informed decision-making for your sustained success.

Why FastLane fastlane logo only

Audit Report

Audit Report

We can help to assure compliance with applicable reporting standards and identification of internal control issues

Xero Based Audit

Xero Based Audit

Paperless with our Xero audit engagement. You will experience a seamless and time-efficient audit engagement using Xero accounting software

tax computation

Tax Computation

Having an accurate tax computation is critical to the company. Partnering with a professional like us can help you keep your tax computation compliant and hassle-free

Talk with our local consultant to learn more about audit and assurance services near you.

Contact Us

Elevating Financial Confidence with Our Professionals

Statutory Audit

Conducting mandatory audits of financial statements to ensure compliance with local regulations and accounting standards

Internal Audit

Evaluating internal controls, risk management processes, and operational efficiency to provide independent assessments and recommendations for improvement

Financial Statement Audit

Examining financial records, transactions, and disclosures to verify their accuracy, completeness, and adherence to accounting principles

Compliance Audit

Assessing compliance with specific laws, regulations, or industry standards to identify any deficiencies and recommend corrective actions

Due Diligence Audit

Conducting thorough financial investigations and assessments to evaluate the financial health and risks associated with potential business acquisitions or mergers

Special Purpose Audit

Performing audits for specific purposes such as forensic investigations, fraud detection, or agreed-upon procedures tailored to meet unique client needs

Internal Control Review

Assessing the design, implementation, and effectiveness of internal controls to identify weaknesses and provide recommendations for strengthening them

Audit of Non-Profit Organizations

Conducting audits for non-profit organizations to ensure accountability, transparency, and compliance with applicable regulations

Consolidated Financial Statements Audit

Auditing consolidated financial statements for groups of companies to verify their accuracy, intercompany transactions, and elimination of any duplication or errors

Sustainability Audit

Evaluating the environmental, social, and governance (ESG) performance of organizations to assess their sustainability practices and provide recommendations for improvement

Trusted by 1000+ business owners since 2013

Grana

Grana

“FastLane have supported our capital raising round by advising and building our financial models, setting up Xero and Unleashed inventory systems, so we can focus on growing our business.”

Nanoleaf

Nanoleaf

“FastLane is the perfect fit for startups that are looking for flexibility, trustworthy consulting, and someone that is willing to work with you to grow the business together.”

Soundbrenner

Soundbrenner

“FastLane has allowed us to spend less time on these parts of the business, and hence contributed to our successes in becoming a global music technology brand.”

Experience the Advantage of Collaboration

Ellalan
Airwallex
HSBC
DBS
Shopify
Ooosh

Frequently Answered Questions

An audit is a process of examining and evaluating the financial records of a company to ensure that they are accurate and compliant with applicable laws and regulations. It is necessary for Malaysia companies because it can help to ensure the accuracy of financial statements, compliance with laws and regulations, improvement of internal controls, and provide assurance to stakeholders. The audit report will also be used to determine the company’s tax liability.

Malaysia follows the Malaysia Standards on Auditing (MSAs), which are based on the International Standards on Auditing (ISAs). The MSAs are updated on a regular basis to reflect changes in the auditing environment.

In addition to the MSAs, Malaysia also follows the Malaysian Accounting Standards (MAS), which are based on the International Financial Reporting Standards (IFRS). The MAS is updated on a regular basis to reflect changes in the accounting environment.

Following the MSAs and MAS can help to ensure that a company’s financial statements are accurate and compliant with laws and regulations and that the company is protected from fraud and errors.

Company
  • Responsible for preparing the financial statements in accordance with applicable accounting standards.
  • Responsible for providing the auditor with access to all relevant records and information.
  • Responsible for responding to the auditor’s inquiries in a timely manner.
Auditor
  • Responsible for planning and conducting the audit in accordance with the Malaysia Standards on Auditing (MSAs).
  • Responsible for obtaining an understanding of the company’s internal controls and assessing their effectiveness.
  • Responsible for performing tests of controls and substantive procedures to obtain evidence about the accuracy and completeness of the financial statements.
  • Responsible for forming an opinion on whether the financial statements are prepared in accordance with applicable accounting standards and whether they give a true and fair view of the company’s financial position and performance.
  • Responsible for issuing an audit report that communicates the auditor’s findings to the company’s management and shareholders.
Directors
  • Responsible for ensuring that the financial statements are prepared in accordance with applicable accounting standards and that they give a true and fair view of the company’s financial position and performance.
  • Responsible for signing the financial statements and the auditor’s report.
Tax Agent
  • Responsible for preparing the company’s tax return and filing it with the relevant tax authorities.

The workflow of a statutory audit in Malaysia is typically as follows:

  1. The company submits its financial statements to the auditor.
  2. The auditor performs planning and risk assessment procedures.
  3. The auditor obtains an understanding of the company’s internal controls.
  4. The auditor performs tests of controls and substantive procedures.
  5. The auditor forms an opinion on the financial statements.
  6. The auditor issues an audit report.
  7. The company’s directors sign the financial statements and the auditor’s report.
  8. The company’s tax agent prepares the company’s tax return and files it with the relevant tax authorities.

The specific responsibilities of each party involved in a statutory audit may vary depending on the specific circumstances. However, the general workflow and responsibilities outlined above are typically followed in Malaysia.

The auditor needs the company’s management accounts, which include:

  • Trial balance
  • Balance sheet
  • Profit and loss statement
  • General ledger

Once these accounts have been gathered, the auditor can begin auditing the company’s financial records. Along the way, the auditor will need to collect supporting documents to verify the entries in the management accounts.

Supporting documents that the auditor may need:

  • Invoices
  • Receipts
  • Contracts
  • Bank statements
  • Other documents that support the entries in the management accounts

While you can conduct the internal audit yourself, you still need an external audit to certify your accounts and file your taxes with a tax agent. This is required by law under the Malaysia Companies Act and other laws, such as the Income Tax Act 1967.

The external audit is conducted by a qualified auditor who is not affiliated with the company. This means that the external auditor is able to provide an objective opinion on the fairness of the company’s financial statements.

An audit firm can provide advisory services to help you make better decisions about your company’s finances:

  • Tax planning: An audit firm can help you to identify tax deductions and credits that you may be eligible for. They can also help you to structure your business in a way that minimizes your tax liability.
  • Risk management: An audit firm can help you to identify and mitigate risks to your company’s financial health. This can include risks such as fraud, errors, and compliance violations.
  • Compliance: An audit firm can help you to ensure that your company is complying with applicable laws and regulations. This can include laws and regulations related to accounting, auditing, taxation, and other areas.

Contact our Consultants

Choose your preferred contact method and one of our dedicated consultants will be in touch!

FastLane Free Consulting
hello there