Building Trust Through Expert Auditing at LWC GROUP
Find clear and concise answers to your auditing and assurance questions here, designed to guide you effortlessly.
WHAT ACCOUNTING STANDARDS WE APPLY IN MALAYSIA ?
Private entities shall comply with either Malaysian Private Entities Reporting Standard (MPERS) or Malaysian Financial Reporting Standards (MFRS).
WHAT IS UNCLAIMED MONEYS ?
a.Moneys which are legally payable to the owner but have remained unpaid for a period of not less than one (1) year.
b.Moneys standing to the credit of an account that has not been operated in whatever manner by the owner for a period of not less than seven (7) years.
c.Moneys to the credit of a trade account that has remained dormant for a period of not less than two (2) years.
For more details, please go to https://ewtd.anm.gov.my/definition.php
HOW LONG SHOULD WE KEEP OUR ACCOUNTING RECORDS?
According to Companies Act 2016, Section 245 Accounts to be kept, a company shall cause appropriate entries to be made in the accounting and other records within 60 days of the completion of the transactions. And the company shall retain the records for 7 years.
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Statutory Audit Basics
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