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Request For Audit Services for Malaysia

Request For Audit Services Template for Malaysia

A formal document used in Malaysia to solicit proposals from qualified audit firms for the provision of audit services. This document outlines the scope of audit requirements, qualification criteria, and submission guidelines in accordance with Malaysian regulatory requirements, including compliance with the Companies Act 2016 and Malaysian Institute of Accountants guidelines. It serves as the initial step in engaging statutory auditors and ensures transparency in the selection process while meeting local corporate governance standards.

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What is a Request For Audit Services?

The Request For Audit Services document is a crucial instrument used by organizations operating in Malaysia when seeking to appoint or change their external auditors. This document is typically prepared when an organization requires statutory audit services, whether due to regulatory requirements, change in existing auditors, or new business establishment. It must comply with Malaysian legislation, particularly the Companies Act 2016 and Malaysian Institute of Accountants requirements. The document includes detailed specifications of audit scope, timeline requirements, qualifications criteria, and evaluation methodology, ensuring potential audit firms can provide comprehensive proposals that meet both statutory requirements and organization-specific needs. It serves as the foundation for establishing a professional service relationship between the organization and its future auditors.

What sections should be included in a Request For Audit Services?

1. 1. Introduction: Overview of the organization seeking audit services and general purpose of the RFP

2. 2. Background: Detailed information about the organization, including size, industry, locations, and relevant operational details

3. 3. Scope of Services: Detailed description of required audit services, including type of audit, coverage, and specific requirements

4. 4. Qualification Requirements: Minimum qualifications required from audit firms, including licensing, MIA membership, experience, and professional standards

5. 5. Timeline and Deliverables: Key dates, milestones, and expected deliverables from the audit engagement

6. 6. Proposal Requirements: Specific requirements for proposal submission, including format, content, and required documentation

7. 7. Evaluation Criteria: Criteria and methodology for evaluating proposals and selecting the audit firm

8. 8. Submission Instructions: Detailed instructions for proposal submission, including deadline, format, and contact information

9. 9. Terms and Conditions: General terms and conditions governing the RFP process and subsequent engagement

What sections are optional to include in a Request For Audit Services?

1. Pre-proposal Conference: Details about any pre-proposal meetings or conferences, included when complex requirements need discussion

2. Site Visit Requirements: Information about site visits if required for multiple location audits

3. Conflict of Interest Provisions: Specific conflict of interest requirements, included when dealing with regulated industries or complex corporate structures

4. Special Industry Requirements: Industry-specific audit requirements, included for regulated industries or specialized sectors

5. International Reporting Requirements: Additional requirements for international reporting standards, included when applicable

6. Technology Requirements: Specific technology or system requirements, included when digital audit tools or specific software is required

What schedules should be included in a Request For Audit Services?

1. Schedule A - Scope of Work: Detailed breakdown of audit requirements, locations, and specific areas to be covered

2. Schedule B - Timeline: Detailed timeline of the audit process, including key dates and milestones

3. Schedule C - Price Schedule: Template for pricing information and fee structure

4. Schedule D - Required Forms: Standard forms to be completed by bidders, including qualification statements and certifications

5. Appendix 1 - Company Structure: Organization chart and structure of the entity to be audited

6. Appendix 2 - Previous Financial Statements: Copy of previous financial statements or audit reports if relevant

7. Appendix 3 - Evaluation Matrix: Detailed evaluation criteria and scoring system

8. Appendix 4 - Draft Engagement Letter: Template or draft of the proposed audit engagement letter

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Malaysia

Publisher

Ƶ

Cost

Free to use
Relevant legal definitions






























Clauses






























Relevant Industries

Financial Services

Manufacturing

Technology

Real Estate

Healthcare

Education

Retail

Construction

Energy

Telecommunications

Public Sector

Non-Profit Organizations

Professional Services

Transportation and Logistics

Relevant Teams

Finance

Internal Audit

Procurement

Legal

Compliance

Risk Management

Corporate Governance

Executive Management

Board of Directors

Audit Committee

Relevant Roles

Chief Financial Officer

Finance Director

Audit Committee Chairman

Company Secretary

Financial Controller

Procurement Manager

Compliance Officer

Risk Manager

Treasury Manager

Board Director

Chief Executive Officer

Internal Audit Manager

Corporate Governance Officer

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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