HFZA Approved Auditors | Audit Firms in Hamriyah Free ZoneMarch 21, 2021
There is a controversy going on right now regarding the auditing of the Freezone, Hamriyah, and Al-Balad Islamic Bank. It was released in June 2021, when the Supreme Judicial Council for Malaysia released their report regarding the audit of the banks in the freezone. The audit was prompted by complaints from the Barristers representing the public about the high fees and commission charged by the auditing firms. The barristers later filed a case against the three Malaysian Private auditing firms that were selected to conduct the audit in the Freezone.
The auditors failed to check all the documents that they were given. In addition, the auditors failed to determine the genuineness of some of the information that they received as evidence. This situation caused great embarrassment on the part of the Kuala Lumpur government and the House of Representatives (legislature) when the matter became public. Some of the Members of the Barristers’ chamber even called for the resignation of the entire House of Representatives because of this miscarriage of justice.
At first, the Malaysian Government maintained that they would not pay any fee to the auditors. However, later they announced that they would pay the charges only if all the claims that the public made regarding mismanagement and fraud were valid. They further stated that they would not interfere with the privacy of the individuals being audited. However, this policy has caused many members of the public to become skeptical about the competence of the government in picking the most competent and honest auditors. They have also been critical of the manner in which the government has handled the whole affair.
Several well-known and reputed firms, including Pertco, KPMG, and Deloitte have already applied for certification by the Supreme Court of Malaysia. These firms hold a high standard and are expected to be completely honest and dedicated to their tasks. Pertco has been certified by the High Court. The three other auditors from KPMG, Libra, and Deloitte are also preparing to apply for certification.
It is important to note that not all companies who apply for auditing will receive certification. Only those that have high standards of conduct will be accepted by the members of the National Commission for Offshore Auditing (HCO) and the Supreme Court. Many people also think that the application of the auditors will prevent members of the public from lodging complaints against the government. This is not true. Once the auditors have certified a company, it is the duty of the members of the public to report any instances where they have witnessed misconduct by the company’s employees.
There have been several incidents of police harassment and physical attacks by the members of the public in the name of auditors. The members of the public have also been threatened by phone calls or mails to stop filing complaints against the government. These threats are taken seriously by the members of the public who take these threats seriously. Therefore, one must be extremely careful in approaching these organizations.
Some auditors may try to con the customers by offering them a false certification, thereby allowing them to gain profits without providing them with the service that they deserve. For this reason, it is important that you find an auditing company that has been approved by the High Court. Also check the credentials of the person that will be handling your case. The selection of the professional will depend on the complexity of the case. It will also depend on the company’s fee structure.
There are many good approved auditors in DMCC that are members of the HCPA and they have earned the approval of the High Court. However, there are also many fraudulent companies that may try to get hold of your money without providing you with any services. Before you enter into a settlement with these kinds of companies, it is important that you consult an auditor who is associated with the institution. This will ensure that you do not lose any money.