General

Update of our services during this challenging time

Update of our services during this challenging time
View Full Size

Update of our services during this challenging time

Dear Clients :

I hope this message finds you well.

I want to personally reach out to provide an update on our services during this challenging period.

First and foremost, I'd like to extend our sincere gratitude for your continued trust in our firm. We understand the importance of timely and accurate auditing/taxation, especially in these crucial times.

While we always aim to deliver top-notch service, we acknowledge that some aspects of our recent service delivery may not have met the standards you've come to expect from us.

As an accounting firm, our commitment to transparency and diligence remains steadfast, and it's vital for us to provide context.

The recent constraints, primarily due to a reduced workforce, have affected our usual efficiency and response times.

While this challenge is being faced by many businesses, we comprehend that it does not lessen the significance of your financial concerns or obligations.

Rest assured, we are implementing various strategies to mitigate these issues. These include deploying advanced auditing software, re-prioritizing tasks, and adjusting workflows to minimize potential delays, training and development.

It's essential to underscore that these are temporary solutions in response to unprecedented challenges. Our dedication to ensuring meticulous accounting and financial oversight remains our top priority.

Your partnership means a great deal to us, and we are committed to making the necessary adjustments to serve you better in the days ahead.

Please feel free to share any concerns or suggestions with us. Your insights are invaluable in our journey of continuous improvement.

My email is tpkoh@ktp.com.my or you can leave a message on our Google Business page https://g.page/r/CSeHx4H8B4oPEBM/review

Thank you for your understanding and patience during this period.

Warm regards,

KTP Group of Company

Koh Teck Peng

Principal

Visit Us

  • Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

  • Wisma THK, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Bookkeeping, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsourcing bookkeeping, and payroll services to clients

KTP Lifestyle

An internal community for our colleagues on work and leisure.

KTP Career

An external job community on vacancies in Johor Bahru for interns, graduates & experienced candidates.

#Thk

#KTP

 

Personal Data Protection Act 2023

Personal Data Protection Act 2023
View Full Size

Personal Data Protection Act 2023 - Proposed Amendments

What is it Personal Data Protection Act (PDPA)

The PDPA governs data usage and its security in Malaysia. It was tabled in 2010 and gazetted the same year, but only implemented in 2013.

The act is enforced by the Personal Data Protection Department. One of its main functions is to prevent data misuse in commercial transactions.

What it covers

Under the PDPA, data such as your full name, MyKad number, passport number and your email address are considered to be personal and sensitive information.

Other forms of data that fall under this category include photographs, images captured from CCTVs, religious and political beliefs, as well as personal documents like tax records.

Under the Act, a person is entitled to the following rights after sharing their data with an organisation:

  • The right to know if their data is being processed.

  • The right to access their personal data from the organisation’s database

  • The right to amend the data provided

  • The right to withdraw consent given to process one’s data

  • The right to stop any data processing activities that could cause damage or distress

  • The right to stop data processing activities for direct marketing

Proposed Amendments to the PDPA

The draft amendment to the PDPA to curb personal data breaches is expected to be presented in Parliament before the end of this year. It is rumored that it will be enacted by the end of October 2023.

Communications and Digital Minister Fahmi Fadzil said the Personal Data Protection Department (JPDP) was looking at several improvements to the amendments prepared by the previous government before they were submitted to the Attorney-General's Chambers.

The proposed amendments are summarised as follows:

1. Mandatory appointment of a Data Protection Officer

All data users will each be required to appoint a data protection officer.

2. Data portability

Transfers of personal data between data users (upon request from data subjects) will be allowed (if the technical system permits).

3. Mandatory data breach notification

All data users will be required to report data breaches to the Malaysian Personal Data Protection Department (PDPD) within 72 hours.

4. Enhanced obligations for data processors

Data processors will be required to comply with the security principle under the PDPA.

5. Cross-border data transfer requirements

The power of the Minister to issue a whitelist will be replaced with a blacklist. Transfers of personal data to blacklisted countries will be prohibited. 

Impacts On The Proposed Amendments in PDPA

Increase in penalties for misuse of data and non-compliance with PDPA in general.

Designate the Malaysian Personal Data Protection Department as a statutory commission with enforcement power.

Visit Us

  • Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

  • Wisma THK, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Account, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients

KTP Lifestyle

An internal community for our colleagues on work and leisure.

KTP Career

An external job community on vacancy in Johor Bahru for interns, graduates & experienced candidates.

#Ktp #Thks

 

 

Season's Greetings, Happy New Year 2023

Season's Greetings, Happy New Year 2023
View Full Size

Season's Greetings, Happy New Year 2023

Happy New Year

Stay awesome in the coming year.

May many fortunes find their way to you.

May the joy and happiness around you today and always

May the new year bless you with health, wealth and happiness

Visit Us

  • Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

  • Wisma THK, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Bookkeeping, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsourcing bookkeeping, and payroll services to clients

KTP Lifestyle

An internal community for our colleagues on work and leisure.

KTP Career

An external job community on vacancies in Johor Bahru for interns, graduates & experienced candidates.

This message was brought to you by KTP

 

UN Sustainable Development Goals Part 2

UN Sustainable Development Goals Part 2
View Full Size
UN Sustainable Development Goals Part 2

UN SDG 17

The UN Sustainable Development Goals were launched in 2012 and finalised in 2015. They represent an international consensus on conditions under which humanity can thrive.

The UN SDGs set out a path to end extreme poverty, fight inequality and injustice, and protect the planet.

The United Nations 17 SDGs are a globally agreed framework for all countries to achieve by 2030 that sets out the building blocks of a new type of inclusive prosperity creation.

SDG 7 : Affordable and Clean Energy

Sustainable Development Goal 7 (SDG7) calls for “affordable, reliable, sustainable and modern energy for all” by 2030. It's three core targets are the foundation for our work: Ensure universal access to affordable, reliable and modern energy services.

 

SDG 8 : Decent Work and Economic Growth

SDG 8 recognises the importance of sustained economic growth and high levels of economic productivity for the creation of well-paid quality jobs, as well as resource efficiency in consumption and production.

 

SDG 9 : Industry Innovation and Infrastructure

Goal: Support domestic technology development, research and innovation in developing countries, including by ensuring a conducive policy environment for, inter alia, industrial diversification and value addition to commodities by 2030.

 

SDG 10 : Reduced Inequalities

Sustainable Development Goal 10 aims at reducing inequality within and among countries. This SDG calls for reducing inequalities in income as well as those based on age, sex, disability, race, ethnicity, origin, religion or economic or other status within a country.


SDG 11 : Sustain Cities and Communities

SDG 11 aims to renew and plan cities and other human settlements in a way that offers opportunities for all, with access to basic services, energy, housing, transportation and green public spaces, while reducing resource use and environmental impact.

SDG 12 : Responsible Consumption and Production

Sustainable Development Goal 12 encourages more sustainable consumption and production patterns through various measures, including specific policies and international agreements on the management of materials that are toxic to the environment.

SDG 13 : Climate Action

SDG 13 intends to take urgent action in order to combat climate change and its impacts. The contributing countries to this SDG are making plans to prioritize food security and production, terrestrial and wetland ecosystems, freshwater resources, human health, and key economic sectors and services.

SDG 14 : Life Below Water

SDG 14 targets seek to prevent and reduce marine pollution; further the sustainable management and protection of marine and coastal ecosystems; address the impacts of ocean acidification; regulate harvesting and end overfishing, illegal, unreported and unregulated fishing and destructive fishing practices.

SDG 15 : Life On Land

Goal 15 focuses specifically on managing forests sustainably, halting and reversing land and natural habitat degradation, successfully combating desertification and stopping biodiversity loss.

SDG 16 : Peace, Justice and Strong Institutions

Goal 16: Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels. Significantly reduce all forms of violence and related death rates everywhere.

SDG 17 : Partnership for the Goals

SDG 17 calls for a global partnership for sustainable development. The goal highlights the importance of global macroeconomic stability and the need to mobilise financial resources for developing countries from international sources, as well as through strengthened domestic capacities for revenue collection.

Visit Us

  • Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

  • Wisma THK, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Account, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients

KTP Lifestyle

An internal community for our colleagues on work and leisure.

KTP Career

An external job community on vacancy in Johor Bahru for interns, graduates & experienced candidates.

#Ktp #Thks



 



 



 


UN Sustainable Development Goals Part 1

UN Sustainable Development Goals Part 1
View Full Size

UN Sustainable Development Goals

Why is it important to talk about sustainability?

The fundamental fact underlying the whole topic is this: over the last century the population of the Earth increased from 1.5 to 7 billion people. Thus, building an inclusive, sustainable and resilient future for all people and our planet has become a big challenge for humanity.

What is sustainability?

It is defined as “Meeting the needs of the present without compromising the ability of future generations to meet their own needs.”

UN SDG 17

The UN SDGs set out a path to end extreme poverty, fight inequality and injustice, and protect the planet. Achieving the goals will require an unprecedented effort by all sectors in society, including businesses.

SDG 1 : No Poverty

SDG 1 is to: ''End poverty in all its forms everywhere''. Achieving SDG 1 would end extreme poverty globally by 2030. The goal has seven targets and 13 indicators to measure progress.

 

SDG 2 : Zero Hunger

Goal 2 seeks sustainable solutions to end hunger in all its forms by 2030 and to achieve food security. The aim is to ensure that everyone everywhere has enough good-quality food to lead a healthy life. Achieving this Goal will require better access to food and the widespread promotion of sustainable agriculture

 

SDG 3 : Good Health and Well Being

SDG 3 aims to prevent needless suffering from preventable diseases and premature death by focusing on key targets that boost the health of a country's overall population. Regions with the highest burden of disease and neglected population groups and regions are priority areas.

 

SDG 4 : Quality Education

Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all.


SDG 5 : Gender Equation

Achieve gender equality and empower all women and girls. Gender equality is not only a fundamental human right, but a necessary foundation for a peaceful, prosperous and sustainable world.

SDG 6 : Clean Water & Sanitation

Ensure access to water and sanitation for all. While substantial progress has been made in increasing access to clean drinking water and sanitation, billions of people—mostly in rural areas—still lack these basic services.

To be continue

Visit Us

  • Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

  • Wisma THK, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Account, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients

KTP Lifestyle

An internal community for our colleagues on work and leisure.

KTP Career

An external job community on vacancy in Johor Bahru for interns, graduates & experienced candidates.

#Ktp #Thks



 



 



 

Market Development Grant - Part 1

Market Development Grant - Part 1
View Full Size

MATRADE - Market Development Grant (MDG) RM300,000

What is MDG?

The Market Development Grant (MDG) is a support initiative in the form of a reimbursable grant. MDG was introduced in 2002 with the objective of assisting exporters in their efforts to promote Malaysian made products or services globally.

The lifetime limit of MDG is RM300,000 and it is specifically formulated for Malaysian SME Companies, Professional Service Providers, Trade and Industry Associations, Chambers of Commerce, Professional Bodies and Co-operatives.

[Note: MDG reimbursements are subject to the availability of the government funds]

What Activities Are Eligible For Grant Funding?

Physical Events

  1. Participation in International Trade Fairs or Exhibitions held in Malaysia/Overseas

  2. Participation in Trade & Investment Missions (TIM) or Export Acceleration Missions (EAM)

  3. Participation in International Conferences Held Overseas

  4. Listing Fees for Made in Malaysia Products in Supermarkets or Hypermarkets or Retail Centres or Boutique Outlets Located Overseas

Virtual Events

  1. Participation in Virtual International Trade Fairs In Malaysia Or Overseas

  2. Participation In Business To Business (B2B) Meetings Related To Virtual Trade Investment Missions And Export Acceleration Missions

Who Is Eligible To Claim For MDG? (please refer to MDG Guidelines)

  1. Small And Medium Enterprises (SMEs)

  2. Professional Service Providers (Sole Proprietor Or Partnership)

  3. Trade & Industry Associations, Chambers Of Commerce Or Professional Bodies

  4. Co-operatives

Source

  1. Market Development Grant (MDG) Physical Events

  1. Market Development Grant (MDG) Virtual Events

This message was brought to you by KTP

Market Development Grant

Market Development Grant
View Full Size
𝐑𝐌𝟑𝟎𝟎𝐤 𝐌𝐀𝐓𝐑𝐀𝐃𝐄 𝐆𝐫𝐚𝐧𝐭 𝐭𝐨 𝐒𝐌𝐄

Marketing Development Grant (MDG) is an export support initiative in the form of a reimbursable grant.

It is eligible for those attend international trade fairs and event to promote Malaysia products or services in current or virtual form.

🎯𝐇𝐨𝐰 𝐜𝐚𝐧 𝐌𝐃𝐆 𝐡𝐞𝐥𝐩?

The marketing team start to arrange for this event.

They book the flight tickets, accommodation, liaise with the organizer, looking for suitable spot and booth and others necessary.

With the assistance of MDG, these expenses are reimbursable!

🎯𝐇𝐨𝐰 𝐝𝐨 𝐀𝐀𝐀 𝐦𝐚𝐤𝐞 𝐭𝐡𝐞 𝐜𝐥𝐚𝐢𝐦?

1) Registered as MATRADE member

The registration is simple, just visit the MATRADE official website as link below:
http://www.matrade.gov.my/…/onli…/register-as-matrade-member

And fill up your company information as required. Registration is free.

2) Make the claim online

AAA can claim the MDG within 30 days from the last date of promotion activity.

The application can be made online: www.matrade.gov.my/mdg

The documentations required is to proof your presence in this events, such as payment trails, flight ticket, exhibitor pass and others.

Please make sure you keep all the documentations and fully utilise the grant!

The maximum claimable amount is depending on types of event you joined. As for AAA, they are eligible for maximum up to RM25k.

Let's hope AAA achieves success in this event and comes back with a big victory!

This message was brought to you by KTP

Residential Tenancy Act Malaysia

Residential Tenancy Act Malaysia
View Full Size

What is Residential Tenancy Act Malaysia?

The proposed Residential Tenancy Act (RTA) by the Ministry of Housing and Local Government (KPKT) will change the rental market in Malaysia.

There is no specific legal framework for landlords and tenants in Malaysia now.

 

The Objectives of RTA are to :

  1. protect homeowners’ and tenants’ rights.

  2. prepare a uniform template for the residential tenancy agreement.

  3. establish a tribunal to resolve disputes between homeowners and tenants.

  4. set a notice period for tenants to move out.

 

Security and Utility Deposits

An RTA proposes a two-month deposit and a one-month utility deposit.

An RTA proposes deposits to be “parked” with a government agency.

This is to ensure that the authorities would be able to address any conflict between landlords and tenants later on.

In the event that no other expenses have been incurred, the security deposit would then be returned to the tenant once the tenancy agreement expires.

Concerns

  1. Why park the deposits received with a government agency?

  2. How long will the agency refund the deposit upon termination/expiration of tenancy period?

Visit Us

  • Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

  • Wisma THK, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Bookkeeping, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsourcing bookkeeping, and payroll services to clients

KTP Lifestyle

An internal community for our colleagues on work and leisure.

KTP Career

An external job community on vacancies in Johor Bahru for interns, graduates & experienced candidates.

#Ktp #Thks

 

 

BKM 2022 is open for appeal

BKM 2022 is open for appeal
View Full Size

BKM 2022 is open for appeal

The appeals for BKM (Bantuan Keluarga Malaysia) can be made starting 2 May 2022 to 2 June 2022.

Applicants who were rejected for the BKM have one month to submit an appeal.

Applicants have to submit an appeal with relevant documents for LHDN review, there are 35 reasons for rejection, and the documents required for each reason are different, you may refer to this link https://bit.ly/3vxnFxD for the full listing.

Method of submitting the appeal

Applications for an appeal could be submitted via:

1. online (from 2 May 2022)

2. manual (from 9 May 2022)

Once the appeal is successful, payments to applicants will be released during Phase 3 and Phase 4 (September and December)

Further information

You may refer to this link for the BKM FAQ https://bit.ly/3LBDrNM

Source

https://bkm.hasil.gov.my

 

Visit Us

  • Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

  • Wisma THK, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Bookkeeping, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsourcing bookkeeping, and payroll services to clients

KTP Lifestyle

An internal community for our colleagues on work and leisure.

KTP Career

An external job community on vacancies in Johor Bahru for interns, graduates & experienced candidates.

#Ktp #Thks

 

 

Why do auditors audit related party transactions?

Why do auditors audit related party transactions?
View Full Size

Why do auditors audit related party transactions?

Theoretically, related party transactions carry no higher risk to the financial statement if compared to those unrelated.

But why the auditor is so concerned about related party transactions?

This is because the nature of related party transactions may present a greater opportunity for collusion, concealment, or manipulation by management, resulting in a false result in the financial statements.

Responsibilities of auditor

The auditor shall: -

1. Identify and assess the Risks

2. Responses to the Risks

3. Evaluate the accounting treatment and disclosure

To conclude whether the related party transactions achieve fair presentation and are not misleading

Here are some examples of what auditor may need to inspect, which entity can generate internally: -

1. Minutes of meetings

2. Statements of conflicts of interest

3. Contracts and agreements

4. Invoices and correspondence from the entity’s professional advisors

5. Reports of the internal audit function

Source: https://www.mia.org.my/v2/downloads/handbook/standards/ISA/2018/06/01/ISA_550.pdf

Visit Us

  • Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

  • Wisma THK, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Account, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients

KTP Lifestyle

An internal community for our colleagues on work and leisure.

KTP Career

An external job community on vacancy in Johor Bahru for interns, graduates & experienced candidates.

#Ktp #Thks

 

 

 

 

What is the royalty based method of intangible assets valuation?

What is the royalty based method of intangible assets valuation?
View Full Size

What is the royalty based method of intangible assets valuation?

The relief from royalty (RFR) approach is based on the idea that the fair value of an intangible asset equals the present value of the cost savings realized by the owner of the asset that results from not having to pay royalties for the use of the intangible asset to another party.

Relief from royalty method under income approach on trade names, brands and technology assets.

There is various legislation governing IP rights available in Malaysia from the Patents Act, Industrial Design Act, Trade Mark Act & Copyright Act

In short, the RFR is based on the measurement of the license payments, from a market database, which has been saved as a consequence of having ownership of the assets.

Six steps on relief from royalty methods

Step 1: Set the preliminary


1.1 Purpose of valuation
1.2 Standard or basis of value (market vs investment vs liquidation value)
1.3 Premise of value

Step 2: Understand the subject intangible assets

Step 3: Estimate economic benefits (revenue projection)

Step 4: Estimate hypothetical royalty rate

4.1 25% on gross margin, profit margin, EBIT, OPM, EBITDA

The “25 percent rule” is a general rule of thumb that suggests, as a starting point in a negotiation, that a licensee would pay 25 percent of its expected profits as a royalty for products that incorporate the licensed intellectual property (IP)


4.2 Industry royalty rate: RoyaltySource

RoyaltySource has been tracking intellectual property news and licenses related to technology (patent, know-how, trade secret, and business method), software, trademark, trade name, brand or logo, copyright and right of publicity for 30 years..

https://www.royaltysource.com


4.3 Company disclosures: Audited financial statement, paid subscription (Bloomberg, S&P Capital IQ), Free (Yahoo Finance, Bursa, Malaysiastock.biz)

4.4 Transactional approach

Step 5: Estimate discount rate


5.1 Weighted average cost of capital (WACC)
5.2 Cost of equity = R (risk free) + beta {R(market)-R(risk free)}

Step 6 : Calculation (to be continued)

Visit Us

  • Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

  • Wisma THK, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Account, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients

KTP Lifestyle

An internal community for our colleagues on work and leisure.

KTP Career

An external job community on vacancy in Johor Bahru for interns, graduates & experienced candidates.

#Ktp #Thks

 

 

 

 

Will you slap your auditor just like Will Smith in Oscar 2022

Will you slap your auditor just like Will Smith in Oscar 2022
View Full Size

Will you slap your auditor just like Will Smith in Oscar 2022

Are auditors happy?

Auditors are one of the least happy careers in the United States. At CareerExplorer, we conduct an ongoing survey with millions of people and ask them how satisfied they are with their careers. As it turns out, auditors rate their career happiness 2.5 out of 5 stars which puts them in the bottom 4% of careers.

How stressful is auditing?

Auditing is considered a stressful occupation because the job is often characterized by heavy workloads, many deadlines, and time pressures.

Is auditing exciting?

Although auditing is sometimes jokingly described as a not-so-exciting career involving a lot of long hours, the truth is that it offers both variety and opportunities for continued development.

What is busy season for auditors?

When is busy season? In the audit practice, this period of time occurs every year from March to July, but that timeline can depend on when your client's fiscal year-end is and whether they are a public or private company.

How do you survive a busy season (a per AICPA)?

  1. Early on

  2. Send up a flare. Remind family, friends, and the rest of your circle about what's going on in your work life. ...

  3. Pass the torch. Let someone else be the social chair. ...

  4. Holster that phone. ...

  5. Make sure you're reachable. ...

  6. Make time to recharge. ...

  7. Eat in. ...

  8. Prepare for letdown. ...

  9. Bank some sanity.

When is busy season end?

Regardless of what field of accounting you are in, busy season usually falls in the third quarter of the year. The reason for this is that most companies traditionally have a December 31st year end.

Visit Us

  • Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

  • Wisma THK, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Account, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients

KTP Lifestyle

An internal community for our colleagues on work and leisure.

KTP Career

An external job community on vacancy in Johor Bahru for interns, graduates & experienced candidates.

#Ktp #Thks

 

 

 

 

Difference between ISQC 1 & ISQM 1

Difference between ISQC 1 & ISQM 1
View Full Size

Difference between ISQC 1 & ISQM 1

The International Auditing and Assurance Standards Board (IAASB) issued three Quality Management standards in December 2020.

The three new interrelated standards, which replace International Standard on Quality Control (ISQC) 1 and International Standard on Auditing (ISA) 220, are effective 15 December 20221.

They are:

International Standard on Quality Management (ISQM) 1, which deals with a firm’s responsibilities to design, implement and operate a system of quality management for audits or reviews of financial statements, or other assurance or related services engagements.

ISQM 2, which deals with the appointment and eligibility of the engagement quality reviewer, and the engagement quality reviewer’s responsibilities relating to the performance and documentation of an engagement quality review.

ISA 220 (Revised), which deals with the specific responsibilities of the auditor regarding quality management at the engagement level for an audit of financial statements, and the related responsibilities of the engagement partner.

Today we cover the difference between the old and new standards :

Read the full story in our blog

https://www.ktp.com.my/blog/difference-between-isqc1-isqm1/14feb22

 

KTP | THK Investment Club 2022/2023

KTP | THK Investment Club 2022/2023
View Full Size

KTP | THK Investment Club 2022/2023

Greetings!

Warren Buffet once quoted: Never depend on single income, make investment to create a second source.

We are delighted to introduce our KTP | THK Investment Club Committee for 2022/23.

Composition of the committee

It is led by our AM Arthur and comprises our colleagues Chris. More members will be joining the committee as the time comes.

Our Group Principal Mr Koh Teck Peng will be the mentor of this committee.

The Objectives

KTP | THK Investment Club Committee aims on learning and making money :

1. Organise learning events to invest in stock based on Value Investment methodology

2. A platform to evaluate stock based on Value Investment principles

3. Sharing of investment experience from our mentor Mr Koh Teck Peng

4. Invest in cryptocurrency

5. & etc.

Pre-conditions of joining the Investment Club

1. Open a CDS account with Bursa Malaysia

2. Open a Luno/Tokenize for cryptocurrency investment

Let us guide you to lead a better prospect investment life where it will change your future for a greater purpose.

Visit Us

  • Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

  • Wisma THK, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Account, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients

KTP Lifestyle

An internal community for our colleagues on work and leisure.

KTP Career

An external job community on vacancy in Johor Bahru for interns, graduates & experienced candidates.

#Ktp #Thks

 

 

2022年预算案 (Free: 线上教导- 简化转让定价文件)

2022年预算案 (Free: 线上教导- 简化转让定价文件)
View Full Size

2022年预算案 (Free: 线上教导- 简化转让定价文件)

财政部长于10月29日在国会下议院提呈2022年财政预算案。由于疫情对经济造成的严重创伤仍显现,为了引导国家走向经济复苏,本次财政预算案分为三大主轴;加强复苏、建立经济韧性和推动革新。

想知道这次的预算案对你的业务有什么帮助或者影响吗?欢迎加入KTP | THK 预算案研讨会,我们将会跟大家概述2022年预算案中最主要的税务更新与改变。

Bonus:免费教导简化转让定价文件 (Limited/Simplified/Minimum transfer pricing documentation)

课程内容:

  • 第 1 节:2022 年财政预算案—其改变和对纳税人的影响

  • 第 2 节:准备简化转让定价文件。

2022年预算案课程

  • Subject : 2022年预算案 (Free: 线上教导- 简化转让定价文件)

  • Date : 20.12.2021

  • Time : 10:30 am to 12:00 pm

  • Venue : Zoom

  • Fee : 免费

  • Language : 中文

  • Registration link (仅开放 KTP|THK 现有客户) : https://bit.ly/31uTpYp

Visit Us

  • Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

  • Wisma THK, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Account, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients

KTP Lifestyle

An internal community for our colleagues on work and leisure.

KTP Career

An external job community on vacancy in Johor Bahru for interns, graduates & experienced candidates.

#Ktp #Thks

 

 

My, Sharanya Vijayan, first day at work in KTP

My, Sharanya Vijayan, first day at work in KTP
View Full Size

My, Sharanya Vijayan, first day at work in KTP

Starting a new job is truly exciting, but we might also feel nervous ahead of our first day job. Even though I have been working for 14 years down the road, venturing to a newer job, never ceased to evoke my anxiety, well which induced my non-stop sneezing and sore throat since yesterday morning.

Surprised me as I used to have this only when I am entering the exam hall.

In the excitement and having a mixture of anxiety, I woke up at 5 am to have a cup of coffee and tried to compose myself by watching my all-time favourite “The Good Wife” – never failed to boost my day thou. And yes, a pep talk from my husband.

I enjoyed the journey coming to work and even though my house is a bit further from Taman Molek, seeing my husband’s happiness that I am going to grow with the company and learn more to enhance my ACCA, skills, and knowledge – Pasir Gudang Traffic is not going to break us at anyways.

My first step in KTP office

Upon arrival, after a small breakfast the nearby café, I felt the warm welcoming from Anissa ( the admin sweet girl ). I have seen Jothi virtually and many times have spoken over the phone, but to my amusement, I was not expecting a bubbly but informative person to guide me and the other intern girl called Christine. I enjoyed the most to do the vide greetings as I believe it’s a great way to have an ice breaking session.

Orientation @ KTP

I will not deny that I enjoyed getting all the policies’ warming up sessions, the ‘Dos’ and ‘Don’ts’ , the MSI setup as well accessing to the outlook, tutoring the SOPs, walking us the cultures, showing all the areas, the most prime : sharing her positive opinions about KTP.

Giving me some books ( The seven spiritual laws of success, FISH, Who moved my cheese ) and allocated me a task of reading them and do a summary ( either via video or writing ) – well that task surely amazed me more. As a devoted reader and blogger as well a conveyer of my reading and writing contents to others – I will not deny how much I am thrilled and at the same time how much it has amazed me about the KTP culture- the emphasizing the holistic knowledge growth amongst staffs.

For many years, me running the HR head ( as in general affairs and customer service ), it’s a nice feeling to be the other side after sometime to get tutored and educate about company’s policies, and me listening without any judgements or having a skeptical way of thinking that been guided by a young person ( younger than me ) – were more exciting.

Seeing her, shows me how much KTP has shaped her to be a better leader and enhanced her skills to be a great trainer too.

After settling down, going through all the systems ( before my lunch break ), I liked them a lot! Me being a detailed orientated individual and system follower as well policies’ maker along with employment handbook setter- KTP’s investment in these areas, is a great cushion to have a great working system.

More confidence of mine to excel in ACCA has been instilled and more enthusiasm been moulded to give my utmost best to KTP and grow with them.

My official meeting with the boss of KTP

As talking to Mr Koh at 2.00pm, listening to his objectives and motives: despite I spoke lesser as I was focused about listening to his contents – I can see how much he gives importance to critical thinking as well the enhancement importance he gives towards a positive driven working culture are very significant aspects that he expects to be adhered by all the staffs.

I would like to have my understandings to be polished by Mr Koh as per my opinion, he is a leader who wants his fellow members to be in the right directions at all times.

The humbles in me being more evoked and the curiosity of learning has been instilled in a larger scale now.

Happy to be part of this reputable organization.

PS : 1st assignment in KTP - a covid test

 

Visit Us

  • Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

  • Wisma THK, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Account, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients

KTP Lifestyle

An internal community for our colleagues on work and leisure.

KTP Career

An external job community on vacancy in Johor Bahru for interns, graduates & experienced candidates.

#Ktp #Thks

 

 

审计报告 (auditor report) 分几种?

审计报告 (auditor report) 分几种?
View Full Size

审计报告 (auditor report) 分几种?

审计报告的意见类型共有4️⃣种基本类型,但也有时也会根据情况附带强调段和其他事项段.

我们𝐊𝐓𝐏过去𝟐𝟎年发布任审计何报告 :

1️⃣、无保留意见。

财务报表在所有重大方面按照适用的财务报告编制基础编制并实现公允反映。这类审计报告在形式上并没有附加保留意见段,作用是证明财务报表在所有重大方面都是公允的。

2️⃣、保留意见。

错报单独或汇总起来对财务报表影响重大,但不具有广泛性。或者,注册会计师无法获取充分、适当的审计证据以作为形成审计意见的基础,但认为未发现的错报(如存在)对财务报表可能产生的影响重大,但不具有广泛性。这类审计报告在正文中附加保留意见段,作用是证明财务报表除保留意见所涉内容之外的所有重大方面都是公允的。

3️⃣、否定意见。

在获取充分、适当的审计证据后,如果认为错报单独或汇总起来对财务报表的影响重大且具有广泛性。这类审计报告在正文中附加否定意见段,作用是证明财务报表受否定意见段提及内容的影响,无法公允反映企业的财务状况、经营成果及现金流量情况。

4️⃣、无法表示意见。

无法获取充分、适当的审计证据以作为形成审计意见的基础,但认为未发现的错报(如存在)对财务报表可能产生的影响重大且具有广泛性。这类审计报告在正文中附加说明段,作用是证明注册会计师受说明段提及内容的影响,无法对财务报表的公允性发表审计意见。

秘️𝐌𝐈𝐀 𝐀𝐀𝐏𝐆 𝟒

RECOMMENDED PRACTICE GUIDE 14 Auditors’ report on financial statements prepared in accordance with Malaysian Private Entities Reporting Standard (MPERS) and Companies Act 2016

https://bit.ly/2FZMZFo

Visit Us

  • Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

  • Wisma THK, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Account, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients

KTP Lifestyle

An internal community for our colleagues on work and leisure.

KTP Career

An external job community on vacancy in Johor Bahru for interns, graduates & experienced candidates.

#Ktp #Thks

 

 

SSM提醒商家提防假冒Auditor

SSM提醒商家提防假冒Auditor
View Full Size

SSM提醒商家提防假冒Auditor

2016 - 2019 年期间,总共发生了 13 单假冒 Auditor 事件. 公司委员会 SSM 已经忍无可忍了,因此特地发布了一项提醒商家提防假冒Auditor文告.

五个特征假冒的 Auditor as per SSM :

1. 收费非常便宜

2. 假冒的审计师会要求商家把 Audit Fee 转账至非受认证审计公司的银行户头.

3. 假冒签名假冒 report

4. 一条龙包山包海 services

5. 伪装成合格审计师

可以通过 MIA 网站查询审计师 (auditor)

https://www.mia.org.my/v2/membership/services/member_firms_directory.aspx

可以通过 MIA 网站查询会计师 (accountants)

https://www.mia.org.my/v2/membership/services/member_search.aspx

可以通过 IRB 网站查询 税务代理人 (tax agent)

https://mycukai.treasury.gov.my/portal/carian-lhdn-public

Visit Us

  • Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

  • Wisma THK, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Account, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients

KTP Lifestyle

An internal community for our colleagues on work and leisure.

KTP Career

An external job community on vacancy in Johor Bahru for interns, graduates & experienced candidates.

#Ktp #Thks

老板要求做假账, 我需要承担什么责任?

老板要求做假账, 我需要承担什么责任?
View Full Size

老板要求做假账, 我需要承担什么责任?

大家好。我是一名account executive.现在在一家SDN bhd in charge full set account.

我想问问大家意见,如果老板要求做假账,因为不要给太多tax, 我已经跟老板讲了这样是犯法的,

请问被lhdn查到的话,我需要承担什么责任?我会被罚款吗? 还是坐牢?我只是打份工,我真的不想冒险。

两条重要的法律

  1. 得税法令1967 第114 故意逃税

  2. 公司法令 2016 第 245 需要保留的账

所得税法令1967 故意逃税

114. (1) 任何故意和意图逃避或协助任何其他人逃税的人, 一经定罪,可被处以不少于一千令吉和不超过两万令吉的罚款或不超过三年的监禁,或两者兼施.

114. (1) (1A) 任何协助或提供建议的人准备任何回报导致逃税, 除非法庭满意,认为协助或建议是在合理谨慎的情况下提供的, 一经定罪,可处以不少于两千令吉但不超过两万令吉或监禁不超过三年或两者兼施 .

公司法令 2016 需要保留的账

第 245.(1) 条公司、公司董事和经理应促使保存会计和其他记录,以充分解释公司的交易和财务状况,并确保编制真实、公平的损益表和资产负债表.

第 245.(9) 条违反本条规定的公司和每位高级职员均属犯罪,并且应当。 一经定罪,可被罚款不超过五十万令吉或监禁不超过三年,或两者兼施.

经理是指该公司当时的主要行政人员,不论其名称为何,也不论他是否为董事.

Visit Us

  • Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

  • Wisma THK, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Account, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients

KTP Lifestyle

An internal community for our colleagues on work and leisure.

KTP Career

An external job community on vacancy in Johor Bahru for interns, graduates & experienced candidates.

#Ktp #Thks

 

 

【会计楼版本の鱿鱼游戏】

【会计楼版本の鱿鱼游戏】
View Full Size

【会计楼版本の鱿鱼游戏】

 

最近面子书正火起韩国【#鱿鱼游戏】这个电影,

来个会计楼版本..大家笑一笑

Full story in our blog
https://www.ktp.com.my/blog/squid-game-accounting-firm/29sept21

Visit Us

  • Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

  • Wisma THK, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Account, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients

KTP Lifestyle

An internal community for our colleagues on work and leisure.

KTP Career

An external job community on vacancy in Johor Bahru for interns, graduates & experienced candidates.

#Ktp #Thks

 

 


 

THK Management Advisory Sdn Bhd

Wisma THK, No. 41, 41-01, 41-02, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru, Johor, Malaysia.
+6012-771 7903
+607-361 3443
 
Switch to Mobile Version
Subscribe Newsletter