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COMPANY ACCOUNTS AND AUDITORS (Power and Duties Auditors (Section 266(1)…
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• The Registrar shall have the power to exempt any private company from the requirement stated in Section 267(1) according to the conditions as determined by the Registrar.
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-In the case of newly incorporated companies, at least 30 days before the end of the period for the submission of the first financial statements to the Registrar.
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-In the case of subsequent years following the submission of its first financial statements during the period for appointing auditor, or
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-If the company should have appointed an auditor at an annual general meeting but failed to do so, or
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• He is indebted to the company or to the corporation in an amount exceeding RM25,000
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• He is responsible in keeping the register of members or the register of debenture holders of the company
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• He has been convicted of any offence involving fraud or dishonesty punishable with imprisonment for three months or more.
-By ordinary resolution at a general meeting and
-By special notice to be sent to the auditor proposed to be removed and the Registrar as stated under Section 277.
Section 278(2) of Companies Act – Notice to Registrar of resolution to remove auditor must be given within 14 days.
• Section 281(1) of Companies Act – An auditor of a company may resign his office by giving a notice in writing to that effect to the company at its registered office
• Section 281(2) of Companies Act – A notice of resignation shall bring the auditor’s term of office to an end after 21 days from which the notice is given or from the date specified in the notice.
• Section 282(1) of Companies Act – The company shall send a copy of the notice to Registrar within 7 days from the receiving of a notice of resignation.
• Section 283 of Companies Act laid down rights of resigning auditor for public company.
-Every auditor shall report to the members on the financial statements and on the company’s accounting and other records relating to those financial statements
-To state on any defect or irregularity in the financial statements or any matter not set out in the statements
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• Proper accounting and other records including register have been kept by the company as required by the Act
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• Appropriate procedures and methods used by a holding company or a subsidiary in arriving at the amount taken into any consolidated accounts
-Right to access at all reasonable times to the accounting and other records and entitle to require from any officer of the company or auditor of related company such information and explanation he desires for the purposes of audit
-Rights to attend any general meeting of the company and received all notices or other communications relating to any general meeting
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-any breach or non observant of the company to the Act
-the circumstances in his opinion has not been or will not be adequately dealt with by his comment or by bringing to the notice of the directors of the company.
-In the matter of public company with serious offence involving fraud and dishonesty is being committed against the company or this Act by officers of the company
- Obligation to furnish particulars of payment made to auditor if required by a notice send by or on behalf of ay least 5% of the total number of members of the company.
- For public company, the auditor shall attend every annual general meeting where the financial statements of the company are to be laid down.
- For private company, the auditor is required to attend if a notice is given requiring the presence of the auditor.
- An auditor shall not be liable to any action for defamation in respect of any statement which he makes in the course of his duties as an auditor
- A person shall not be liable to any action for defamation in respect of the publication of any document prepared by an auditor in the course of his duties and required under the Act to be lodged with the Registrar
- An auditor shall not be liable for any criminal or disciplinary proceedings for any report under Section 266 submitted by the auditor in good faith and in the intended performance of any duty imposed on the auditor under the Act.