Audit and Assurance
Nexia SSY provides independent audit services according to regulatory requirements in the relevant jurisdiction to a huge range of organisations of all sizes. Nexia SSY is an approved company auditor under the Companies Act 1965, registered with the Audit Oversight Board of the Securities Commission of Malaysia (AOB) to audit Public Interest Entities, registered with the Ministry of Finance (MOF) to audit Public Sector Entities and registered with Labuan Financial Services Authority to audit companies incorporated in Labuan.
With a comprehensive portfolio of clients in all the business segments and in the world’s major economies, Nexia SSY can deliver a truly global resource of professional expertise covering the full range of assurance services.
Our clients are assured of the highest quality standards as our quality control ethos is centered around the International Standards on Auditing (ISAs) set by the International Auditing and Assurance Standards Board (IAASB). The IAASB is an independent standard-setting body that serves the public interest by setting high-quality international standards for auditing, quality control, review, other assurance, and related services, and by facilitating the convergence of international and national standards. In doing so, the IAASB enhances the quality and uniformity of practice throughout the world and strengthens public confidence in the global auditing and assurance profession.
International Financial Reporting Standards
The increased use of International Financial Reporting Standards (IFRS) poses a significant challenge to preparers and users of financial statements. In Malaysia, IFRS is applied through The Malaysian Accounting Standards Board (MASB). The MASB was established under the Financial Reporting Act 1997 as an independent authority to develop and issue accounting and financial reporting standards in Malaysia. That Act gives the standards issued by the MASB legal authority.
In August 2008, the MASB announced its plan to converge with IFRS in 2012. In November 2011, the MASB issued the MFRS Framework which is Malaysian Financial Reporting Standards (MFRSs) that are word-for-word in agreement with all IFRSs in effect as of 1 January 2012. Moreover, MASB’s plan is to maintain the identity of MFRSs and IFRSs going forward by adopting all new or amended IFRSs. Financial statements that have been prepared in accordance with the MFRSs are required to include an explicit and unreserved statement of compliance with IFRSs.
On 14 February 2014, the MASB issued a new set of framework for its private entities, MPERS (Malaysian Private Entities Reporting Standard). MPERS takes effect for financial statements with annual periods beginning on or after 1 January 2016, with early application permitted. The MPERS is word-for-word the IFRS for SMEs issued by International Accounting Standards Board (IASB) in July 2009 except for the requirements on income tax and property development activities, plus some terminology changes.
As a member of a global network, our fellow members can assist you in adopting the requirements in your country’s jurisdiction and share their experience of applying IFRS in practice.
Corporate governance and risk advisory services
Nexia SSY can provide regulatory compliance, internal audit, fraud risk assessment, internal control reviews, information security risk assessment and policy and procedures.
Nexia SSY can provide financial, commercial and corporate finance due diligence services singly or in combination, according to need. We may also act as reporting accountants to companies seeking admission to public markets, including providing short or long form reports and working capital reviews.