Auditing For Auditors

Auditors support the conclusions in their reports with the audit paperwork, known as working documents or work papers also. Audit documentation also facilitates the planning, performance, and supervision of the engagement and the basis for the review of the grade of the work by providing the reviewer with written documentation of the evidence supporting the auditor’s significant conclusions. ISA 230 Audit Documentation, para. 14-16 regulates the set up of the ultimate audit file.

The auditor shall assemble the audit records in the audit document and complete the administrative process of assembling the ultimate audit file on a timely basis following the time of the auditor’s report. After the assembly of the final audit file has been completed, the auditor shall not delete or discard audit records of any character prior to the end of its retention period.

Audit documentation may be documented on paper or on digital or other press. Types of audit documents include audit programs, analyses, issues memoranda, summaries of significant issues, characters of confirmation and representation, checklist and also correspondence (including e-mail) concerning significant issues. International Standard on Quality Control (ISQC) 1 requires companies to establish guidelines and techniques for the well-timed completion of the set up of audit files.

An appropriate time limit within which to complete the assembly of the final audit document is ordinarily not more than 60 days following the day of the auditor’s record. The completion of the set up of the final audit file following the time of the auditor’s record can be an administrative process that will not involve the performance of new audit procedures or the drawing of new conclusions. Changes may, however, be produced to the audit paperwork during the final assembly process if they’re administrative in character. ISQC 1 also requires firms to establish policies and procedures for the retention of engagement documentation. The retention period for audit engagements ordinarily is no shorter than 5 (five) years from the date of the auditor’s report, or, if later, the day of the combined group auditor’s statement.

“If a GLC manages to lose money, the impact on them is bound. They may be prepared to take perverse dangers as the eventual loser is the government-linked investment companies or GLICs (and the minority shareholders of the GLC), which eventually will be the public individuals who are the members or subscribers of the GLICs. “By doing so, we are not comparing apple to apple and yet, we are in need of talent to run GLCs. Rising remuneration is a given, others say, as the federal government had recruited top talent from the private sector to helm these businesses.

Prior to that, Jamaludin was with rival Maxis Communications Bhd, an exclusive company controlled by tycoon Ananda Krishnan. Other GLCs which have performed consistently over recent years include banks like Malayan Banking Bhd and CIMB Group Holdings Bhd which have expanded their operations out of Malaysia, carving a brandname name for themselves regionally.

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Under a 10-calendar year transformation programme for GLCs initiated in 2005, companies were given qualitative and quantitative focuses on to meet as measured by key performance signals. Now, the 20 biggest GLCs currently make up about 40% of the local stock market’s market capitalisation. One of the principles under the programme was also the nationwide development agenda, which emphasised the theory of equal development and growth of the bumiputra community with the non-bumiputras.

Asian Strategy and Leadership Institute (ASLI) Centre of Public Policy Studies chairperson Tan Sri Ramon Navaratnam says the goal of creating GLCs to encourage bumiputras to participate in business has mainly been fulfilled. With that said, he says although many GLCs are successful, they have performed well “due to the fact of defensive plans and monopolistic practices”. In 2017, Public Bank’s managing director Tan Sri Tay Ah Lek took home some RM27.8mil altogether remuneration while Maybank’s Datuk Abdul Farid Alias earned RM10.11mil and CIMB’s Tengku Zafrul Abdul Aziz made RM9.86mil. 6.56mil (RM19.34mil) for the lately concluded financial season.

By definition, Singapore GLCs are those that are 15% or even more possessed by the city-state’s investment arm Temasek Holdings. UM’s Terence does not think Singapore should be a benchmark for Malaysian companies. GLCs are conditioned by their holding company deeply, which is the Minister of Finance Incorporated,” he says. MSWG’s Devanesan records that determining remuneration is “nearly science” as there are many parameters to be looked at.