Annual Report 2011 - The Malaysian Institute Of Certified Public ...

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President’s Statement Financial Statement111INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OFTHE MALAYSIAN INSTITUTE OF CERTIFIEDPUBLIC ACCOUNTANTSReport on the Financial StatementsWe have audited the financial statements of THE MALAYSIAN INSTITUTE OF CERTIFIED PUBLICACCOUNTANTS, which comprise the statement of financial position as at 31 December 2011, and the statementof comprehensive income, statement of changes in members’ equity and statement of cash flows for the year thenended, and a summary of significant accounting policies and other explanatory information, as set out on pages75 to 110.Council’s Responsibility for the Financial StatementsThe Council of the Institute is responsible for the preparation of financial statements that give a true and fair viewin accordance with Financial Reporting Standards and the Companies Act, 1965 in Malaysia, and for such internalcontrol as the Council determines is necessary to enable the preparation of financial statements that are free frommaterial misstatement, whether due to fraud or error.Auditors’ ResponsibilityOur responsibility is to express an opinion on these financial statements based on our audit. We conducted ouraudit in accordance with approved standards on auditing in Malaysia. Those standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financialstatements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on our judgement, including the assessment of risks of materialmisstatement of the financial statements, whether due to fraud or error. In making those risk assessments, weconsider internal control relevant to the Institute’s preparation of financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing anopinion on the effectiveness of the Institute’s internal control. An audit also includes evaluating the appropriatenessof accounting policies used and the reasonableness of accounting estimates made by the Council, as well asevaluating the overall presentation of the financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion.OpinionIn our opinion, the financial statements have been properly drawn up in accordance with Financial ReportingStandards and the Companies Act, 1965 in Malaysia so as to give a true and fair view of the financial position of theInstitute as at 31 December 2011 and of its financial performance and cash flows for the year then ended.
112Financial StatementPresident’s StatementReport on Other Legal and Regulatory RequirementsIn accordance with the requirements of the Companies Act, 1965 in Malaysia, we also report that in our opinion theaccounting and other records and the registers required by the Act to be kept by the Institute have been properly kept inaccordance with the provisions of the Act.Other MattersThis report is made solely to the members of the Institute, as a body, in accordance with Section 174 of the CompaniesAct, 1965 in Malaysia and for no other purpose. We do not assume responsibility to any other person for the content ofthis report.Ooi Chee Kun996/03/14(J/PH)Chartered AccountantNg Eng Kiat1064/03/13(J/PH)Chartered AccountantKuala LumpurMay 12, 2012
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PROGRESS THROUGH PARTNERSHIPSAnnual
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02notice of 54th AGMnotice of annua
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