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Is there a limit for statutory audit?

26 Jul 2021 / 10:17 H. IN recent weeks, news outlets reported high-profile legal suits filed against a leading accounting firm in respect of statutory audits carried out by the firm. The legal suits were filed pursuant to alleged negligence, breach of contractual duty and breach of statutory duties. The damages claimed in these legal suits amounted to billions of dollars, which may cause concern to all auditors. Can the opinions expressed by auditors in statutory audits expose them to civil liabilities? Roles and duties of auditors The Companies Act 2016 (CA 2016) requires all companies to appoint an auditor for each financial year, where the auditor has a duty to report to the members of the company on his opinion on the financial statements prepared by the directors of the company.

Prihatin Special Grant: Register now until July 31

Tengku Datuk Seri Zafrul Tengku Abdul Aziz. -filepic KUALA LUMPUR: Registration for new Prihatin Special Grant (GKP) 4.0 applications is open online from now until July 31, says Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz. “With this new registration process, some of the micro small and medium enterprises (SMEs) that did not get the approval previously and have not received the GKP will still have an opportunity to submit applications for verification again. “Micro SMEs that are eligible for GKP 4.0 are businesses that fulfil the micro SME criteria and are also registered with the Companies Commission of Malaysia, local authorities or Inland Revenue Board as at June 30, 2021,” he said in a statement yesterday.

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