In today’s business, risk management and compliance has become more challenging. There is an increasing demand from stakeholders for transparency in the financial statements disclosures on how business risks are being addressed and how businesses are being managed. The implication of not getting it right could be serious and often leads to multiple penalties due to non-compliance.

At CHENGCO PLT, our team is committed to serve our clients with the ARA policy:

Adaptable: Adjust and customise our audit programme and procedures to address the risks involved in your business

Responsive: Response promptly to the enquiries from our clients

Affordable: To maintain quality of audit while seeking for effective and efficient ways to carry out audit procedures, ensuring that our services remain affordable.

Our audit process can be summarised as per below:

CHENGCO PLT is an audit firm registered under Section 31O of Security Commission Act, 1993, the Audit Oversight Board (AOB) and the Securities Commission of Malaysia. This enables CHENGCO PLT to extend our statutory audit services to the public interest entities and schedule funds in Malaysia.

CHENGO PLT is also a registered audit firm under Labuan Offshore Financial Act. This allows us to provide audit service to offshore companies registered under the Labuan Offshore Financial Act.

Other than Labuan, CHENGCO PLT has provided audit services to other offshore companies in different jurisdictions, particularly for those with operations in Malaysia, or are subsidiaries of a holding company based in Malaysia.

Financial due diligence audit involves further examination of financial records as required by our clients before entering into a transaction with another party.

Transactions that require these services normally includes acquire or disposal of shares of a Company and other tasks that may require a valuation of a company or subject.

Agreed-Upon Procedures is an audit where our client has outlined their objective, procedures and specific tests for auditors to carry out and report the factual findings.

The report from auditor for agreed-upon procedures does not offer any audit opinion and assurance as it simply presents the findings as per the audit procedures previously agreed upon by our clients.

This involves analysis and review of financial records to extract facts that can be used for legal suit against a company or person for actions related to fraud, manipulation of financial statement and financial reporting fraud.

Normally, the forensic audit covers a large and details investigation activities.

In Malaysia, a special license from Ministry of Finance of Malaysia is required to provide Government and Co-operative audit. CHENGCO PLT is one of the firms that had obtained such license to perform these audits.

Special attention and expertise are required to ensure our audit work fulfil the requirements.

Corporate exercise and Initial Public Offering undertaken by companies are required to be submitted to the Securities Commission of Malaysia and Bursa Malaysia. This requires reporting accountants that are registered with AOB of Securities Commissions of Malaysia. As an audit firm registered with AOB, CHENGCO PLT is allowed to carried out its duties as Reporting Accountant for IPO right issue, asset acquisition and disposal and related tasks.