Auditing and Assurance Advisory
W.C. Lim & Associates (AF001971) is an Approved Auditor under S9 Companies Act 1965 (“Act”). It is our responsibility to form an independent opinion based on our audit on these financial statements and to report our opinion to you, as a member, in accordance with the Section 174 of the Act.
We conducted our audit in accordance with applicable approved Auditing Standards in Malaysia. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We also provide auditing and advisory to assist the clients in achieving their business target, managing their risks and improving their business performance in the future. Before we take the action to advise the clients, it is our responsibility to understand the business, the industry and the problem first.
We are not just providing a statutory audit requirement, but we are deliver the statutory report with value added assorted with full innovation and business mindset.
All our trained staff is kept dated and equipped with latest technical developments in order to serve and fulfill all needs of small and medium enterprise (*SME*) with cost effectively. Our range of audit related services are:
- Statutory Audit
Statutory audit is review of accurancy of a company’s and government’s financial statements and records. The purpose of statutory audit is to provide a fair and accurate representation of financial position through financial transactions, bookkeeping records and bank balances. The statutory audit is used for society and associates, advocates’ and solicitors’ client’s accounts, real estate agent’s client’s accounts, forensic account and investigation.
- Statutory audit for Society and Associations
- Statutory audit for Advocates’ and Solicitors’ client’s accounts
- Statutory audit for Real Estate Agent’s client’s account
- Investigations and Forensic Account and Investigations
Investigations and Forensic Account is used to help clarify and resolve a wide number of legal disputes, including shareholder disagreements, malpractice claims, business dissolutions and etc. Our company bring accounting, auditing and investigate skills to help clients uncover fraud and preserve evidence.
- Key Performance Indicators
Key performance is used by the company to track its performance over time. Importance of KPI is to reflect how well the business is performing, help to make operational changes, help in keeping employee focus, and give early warning. The company needs to set goals, track changes, identify critical success factors, use factors to create KPIs and monitor the KPIs such as sales volume, gross main percentage and etc.
- Independent Management Reporting
As an auditor, we must provide independent opinion based on the client’s financial statement. In order to provide independent opinion, we always improve our soft skills in making decision, management effectiveness and responds to current issue.
- Internal control and systems review
Internal control is the mechanisms, rules and procedures implemented by our company to ensure the integrity of financial and accounting information, promote accountability and prevent fraud. Our company will ensure that client’s activities are in compliance with general and specific regulatory requirements, rules and procedures established by higher management within the entity and/or other regulatory bodies. All the data given by the clients is captured and been exchange to the staff to perform their duties. Staff performance will be monitor to ensure the effectiveness of control over time. Our company use software as system review, we ensure the software is up to date and all the staff know how to use the software. Software is used to keep client’s database, generate full report, more convenient when transfer database and easily get client’s company performance based on the figures.
Types of consulting services of audit:
- Risk management:
Risk management is just a fancy term that helps minimize these risks as much as possible and it is offered by external auditing firms as well. We provide consultation services to different companies to address these areas.
Auditing firms can also provide consultation services pertaining to the financial aspect of any business. We will analyse current financial results and compare it with historical data to determine if the company is doing well or not. If the latter is the case, then our company will provide client with our insights and helps come up with a plan to stay afloat.
- Strategy and operations:
The goal of every business is to gain some profit and the only way for them to do that would be to minimise operational costs while maximizing company income considerably at the same time.
- Company with branches for compiled financial statement and Consolidated Financial Statement:
Our firm provide auditing services for all type of business including compiling branches financial statement and Consolidated Financial Statement.
- Special physical sighting of fixed asset of a manufacturing company:
Shareholder or big company always need the services of special physical sighting of fixed asset to ensure the fixed asset is still available especially in manufacturing company.