Guan & Associates was registered on 1st February, 1999 under Section 8(2) of the Malaysian Companies Act, 1965 as a Chartered Accountant Firm. The firm is also a registered firm of the Malaysian Institute of Accountants, the national accountancy body of Malaysia. From a humble beginning it has grown steadily and presently we have established a wide network of business clients situated predominantly in the Klang Valley and Johore region.
Under the Companies Act, 1965, every limited company whether private or public is required to be audited by a chartered accountant approved by the Ministry of Finance. Our firm has been proving this auditing service for about 600 limited companies which are our clients. Here, it is a requirement that we perform work in accordance with generally accepted auditing practices adopted in Malaysia.
We examine the Company’s accounts prepared by the directors, these are in accordance with the provisions of the Companies Act, 1965 and comply with the applicable approved accounting standards in Malaysia. Upon completion of our audit work, we issue an independent audit report stating that the financial statements are true and fair or otherwise. Under the law, the audited financial statements are then presented at the annual general meeting for shareholders’ approval.
Investigative audit / Forensic accounting is not mandatory under the Companies Act, 1965. However, in some circumstances, we have been appointed by management or directors to investigate into the financial affairs of a company to determine whether frauds or misappropriations have been committed. Our firm has been appointed by the Courts to perform investigative audits for such matters as for receivership purpose or to investigate into the financial affairs of a company to determine the worth of a company.
Our firm can also perform due diligent audit. In this instance, the financial affair of a company is audited before being taken over by new shareholder.