Accounting Records Required Essay
The general rule of the Companies Act of the Section 167(1) state that every company and the directors and managers thereof shall cause to be kept such accounting and other records as will sufficiently explain the transactions and financial position of the company and enable true and fair profit and loss accounts and balance sheets and any documents required to be attached thereto to be prepared from time to time, and shall cause those records to be kept in such manner as to enable them to be conveniently and properly audited.
Thus, Beta Sdn Bhd, a private company, shall keep the accounting and other records of the company. The Beta Sdn Bhd, the company is required to keep records of the company’s financial transactions. The records must contain sufficient detail to enable the financial position of the company to be determined at any time and so that the directors can ensure that any profit and loss account or balance sheet complies with the requirements of the Companies Act 1965.
The records should contain all details of any income and expenditure and a record of the company’s assets and liabilities. By virtue of section 167(3), the Beta Sdn Bhd should kept the records at the registered office that referred to in subsection (1) or at such other places in Malaysia as the directors think fit and shall at all times be open to inspection by the directors.
The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at all times the ? nancial position of the company and enable them to ensure that the ? nancial statements comply with the Companies Act 1965. They are also responsible for safeguarding the assets of the Company and consequently for taking all possible steps for the prevention and detection of fraud and other irregularities.
By virtue of section 169 (14) every balance sheet of the private company, Beta Sdn Bhd shall give a true and fair view of the state of affairs of the company as at the end of the period to which it relates and every profit and loss account shall give a true and fair view of the profit or loss of the company for the period of accounting as shown in the accounting and other records of the company, and without affecting the generality of the foregoing, every such balance sheet and profit and loss account shall comply with the requirements of the Ninth Schedule so far as applicable thereto.
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