The Audit Firm From Kuala Lumpu Accounting Essay
The first company that we selected is Apollo Food Holdings Berhad. APOLLO is chiefly responsible for investing retention and provides direction services to its subordinates. Apollo Food Industries ( M ) Sdn. Bhd and Hap Huat Food Industries Sdn. Bhd. are the subordinates of APOLLO and they are chiefly trade with the fabrication and trading in the compound cocoa confectionery merchandises and bed bars.
This company was incorporated as a private limited company under the name Apollo Food Holdings Sdn Bhd. on 5th March 1994. On 8th September 1994, the company is so transformed into a public limited company and used the name Apollo Food Holdings Bhd.Harmonizing to the one-year study in 2011, the president ‘s statement has revealed that because of the betterment of the demand in foreign states and domestic markets, the turnover rate for this peculiar fiscal twelvemonth has an addition of 10.51 % compared with the old twelvemonth, 2010. To stay competitory in this disputing market environment, APPOLO has continuously better their investing on newer and modern production machineries, rigorous quality control and besides merchandise planning. Besides, preparation is besides provided to the employee to better their direction, operational, industrial and selling accomplishments.
“ The Group ‘s uninterrupted attempt to bring forth quality merchandises and supplying first-class service has been recognised with an International Quality Crown Award, London, in the kingdom of Customers Satisfaction, Leadership, Innovation and Efficiency, as established in the QC 100 TQM ( Total Quality Management ) Model in November 2010. ” ( “ APOLLO ‘s Annual Report, ” 2011, p.29 )An equal and appropriate analysis and rating has gone through the company ‘s one-year study in twelvemonth 2011. After the analysis and rating, it is believed that the hearer has issued a standard unqualified sentiment study on APOLLO ‘s fiscal statements.
This audit study consists of seven distinguishable parts of a criterion unqualified audit study:The study rubric is “ Independent Auditors ‘ Report ” which has included the word “ independent ” to demo that it is prepared by an indifferent 3rd party.The duties of the managers of APOLLO and the hearers has stated clearly in the introductory paragraph. The managers is responsible to show a true and just position fiscal statement that in comply with the Financial Reporting Standards ( FRS ) and The Company Act, 1965 in Malaysia while the hearers have the duty to publish an sentiment on these fiscal statements based on the audit.The range paragraph contains the action of the hearers during the audit procedure. The hearers evaluated the overall fiscal statements presented and so made a hazard appraisal to find whether any material misstatement within the fiscal statements.Based on the audit, hearers expressed an sentiment on fiscal statements in the sentiment paragraph.
This sentiment paragraph, the hearers have stated there: “ In our sentiment, the fiscal statements have been decently drawn up in conformity with Financial Reporting Standards and the Companies Act, 1965 in Malaysia so as to give a true and just position of public presentation and hard currency flows for the fiscal twelvemonth so ended. ” ( “ APOLLO ‘s Annual Report, ” 2011, p.39 ) This means that the hearers have concluded that the fiscal statements are free from any misstatement and misleading and the sanctioned accounting criterions are used to fix the fiscal statements. The hearers have warrant that the fiscal statements give a true and just position of the company ‘s fiscal position.
“ In our sentiment, the accounting and other records and the registries required by the Act to be kept by the Company and its subordinates of which we have acted as hearers have been decently kept in conformity with the commissariats of the Act. ” ( “ APOLLO ‘s Annual Report, ” 2011, p.39 ) shown that the battle is following the International Standards of Auditing ( ISAs ) in all respects. Besides, the hearers besides indicated that the fiscal statements consist all statements and they have gathered equal audit grounds by saying: “ We are satisfied that the histories of the subordinates that have been consolidated with the fiscal statements are in signifier and content appropriate and proper for the intents of the readying of the fiscal statements of the Group and we have received satisfactory information and accounts required by us for those intents. ” ( “ APOLLO ‘s Annual Report, ” 2011, p.39 ) Likewise, the sentences: “ Our audit studies on the histories of the subordinates did non incorporate any making or any inauspicious remark made under Section 174 ( 3 ) of the Act. ” ( “ APOLLO ‘s Annual Report, ” 2011, p.
39 ) revealed that the fiscal statements is non necessary to be modified and besides non necessitating any extra account or any alterationAt the underside left corner of the audit study, the name of the hearers indicated the audit house. From the one-year study, it identified the Chartered Accountants ( CA ) house is Reanda LLKG International.The reference has shown that the audit house is from Kuala Lumpur.The day of the month, 23 August 2011 is the clip when the audit procedure is completed.In a nutshell, it can reason that the audit study that has been issued by hearer on APOLLO ‘s fiscal statement is classified as the criterion unqualified sentiment study, which is the best type of study that a company received. This is because the audit study has shown the fiscal information provided by APOLLO appears to be presented reasonably.
The hearer is besides able to entree all the fiscal information needed and had proven that the fiscal statements are in line with the sanctioned accounting criterions. Furthermore, the study besides contained the seven distinguishable parts and had met the five fortunes that required for the issue of a standard unqualified sentiment.
