Auditing - MIA by Law

Every public company should appoint independent auditors at its Annual General Meeting (AGM) to hold office from the conclusion of that meeting until the conclusion of the next AGM.

• True

• False

If an auditor is not appointed or reappointed at the AGM, any member of the company cannot make an application to the registrar for the appointment of an auditor.

• True

• False

Auditor position can be terminated in case of death, resignation or dismissal.

• True

• False

 Auditors cannot resign from their post before the expiry of their term.

• True

• False

Duties of auditors are as follows EXCEPT:

• Detect frauds, errors and irregularities

• To exercise reasonable care and skill

• To report and warns any fraud or major error detected during the course of an audit.

• Verify the accuracy of company accounts.

Present the auditors’ report to the director is one of the __________ of auditors.

• Right

• Duties

• Responsibilities

The followings are the Big 4 of audit companies in Malaysia EXCEPT:

• Deloitte

• Aftaz

• Ernst & Young

• Price Water House Cooper

Auditor must conduct in a manner consistent with the goal reputation of their profession and refrain from any conduct which might bring discredit to their profession

• True

• False

Lead to breach of contract, dishonorable practice or conduct, or failure to observe a proper standard of professional care, skill or competence. Hence, disciplinary procedures may be imposed on members.

• True

• False

__________ must be and should be seen to be free of any interest which might be regarded, whatever its actual effect, as being incompatible with integrity and objectivity.

• Independance

• Quality

• Assurance

• Professional and due care