INTRODUCTION

Yeoh Oon Hor & Co is an audit firm established in year 1980 at Ipoh. Mr.Yeoh Oon hor is the
founder of the firm. He was a Certified Chartered Accountant and a member of MIA. He begins
this firm just with 10 staff and provides professional services such as audit, tax and accounting.
The number of clients was increase year by year. In year 2000, Mr.Yeoh was pass away and the
firm was taking over by Mr.Seou Lim Khoon. This firm was one the earlier firm operates at ipoh.
So, it was well known among ipoh citizen. Most of the clients are from ipoh but there are also
quite number of clients from outstation. Currently fifteen staff working in this firm.

MISSIION

Our mission is to continually apply our talents and skills to make our clients, our colleagues, our
firm and our communities better than when we began.

VISION

The firm's vision is to be the premier audit, accounting and tax firm by every measure that
matters.

OBJECTIVE

Give the good service to the clients.

Satisfying the clients need.

Always complete task on time

AUDITING

The word audit is derived from a Latin word "audire" which means "to hear". During the
medieval times when manual book-keeping was prevalent, auditors in Britain used to hear the
accounts read out for them and checked that the organization's personnel were not negligent or
fraudulent.

Auditing refer to a systematic and independent examination of books, accounts, invoices,

documents, vouchers and bank statements of an organization to ascertain how far the financial
statements present a true and fair view of the concern as required by law. Auditing play a main
role in the corporate and the public sector that academics started identifying an Audit Society.
The auditors perceives and recognizes the propositions before him/her for examination, obtain
evidence, evaluates the same and formulates an opinion on the basis of his judgment which is
communicated through his audit report.

Auditing provide the third party assurance to various stakeholders that the subject matter is free
from material misstatement. As a result of an audit, stakeholders may effectively evaluate and
improve the effectiveness of risk management, control, and the governance process over the
subject matter.

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THE PROCEDURES OF AUDITING

Audit planning
and strategy

Know Your Fieldwork:

Client/ collect
organization information and
(KYC) obtain evidence

Reporting and Analysis: Evaluate

documentation and assess the
impact of evidence

Exercise
Professional
Judgment

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TAXATION

The firm also provides tax services to the client. A tax agent is a person who prepares the returns
of income and calculates tax payable to be paid the clients to Inland Revenue Board. All the
income for the particular year should be taken into account and must be declared to Inland
Revenue board before the due date. As a tax agent they have the responsibility to remind and
inform client about the due date of the submission. Late submission of form may cause penalty.
A tax agent is a person representing taxpayers to file online tax returns, pay the tax due (if any)
at the time of filing, or perform any other duties as prescribed by law.

A licensed tax agent is responsible for the followings:

1) Prepare tax returns and file them online at the Inland Revenue Board

2) Pay the tax due (if any) through electronic payments or Pay at Post;

3) Submit an electronic amendment form to the list of current tax agent clients within 15
days since any change in the list is occurred.

4) Update any changes in the registration information of a tax agent to the Revenue
Department, e.g. office address, new branches, registered capital, paid up capital or any
other similar changes;

5) Enroll in tax seminars, workshops or training courses as specified in the law.

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ACCOUNTING

Accounting is a specialist, international peer-reviewed journal that encourages critical and

interpretative historical research on the nature, roles, uses and impacts of accounting and
provides a forum for the publication of high quality manuscripts on the historical development of
accounting across all organizational forms. The journal is acknowledged as a premier journal in
its field and is a prized resource for academics; practitioners and students who seek to augment
understanding of accounting's past and use that understanding to elucidate accounting's present
and its possible future development. Accounting History is the official journal of the Accounting
History Special Interest Group of the Accounting and Finance Association of Australia and New
Zealand.

GOVERNMENT SERVICE TAX (GST)

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SWOT ANALYSIS

SWOT is an acronym for the internal Strength and Weaknesses of a firm and the environmental
Opportunities and Threats facing that firm. SWOT analysis is a widely used technique through
which managers create a quick overview of a companys strategic situation. The technique is
based on the assumption that an effective strategy derives from a sound fit between a firms
internal resources (strength and weaknesses) and its external situation (opportunities and threats).
A good fit maximizes a firms strengths and opportunities and minimizes its weaknesses and
threats. Accurately applied, this simple assumption has powerful implications for the design of a
successful strategy.

Each company has to present their performance to attract more clients and customers. Those
companies have their strength, weakness, opportunities and threats. Yeoh Oon Hor & Co. also
has their own SWOT Analysis for their organization.

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STRENGTH

Yeoh Oon Hor & Co was one of the firms founded earlier in 1980s. One of the earliest firm at
ipoh which have a lot clients for both audit and tax. The number of clients increase year by year
because of the services provided was satisfied the clients. As an audit firm Yeoh Oon Hor & Co,
was able to prepare financial report on the time which was request by the secretarial firm to do
the filing with Companies Commission of Malaysia (CCM).

There was a mutual understanding between clients and staff which can help the audit complete
on time. Most of the audit clients are prepare these accounts and give us to do the audit. All the
staff is well experience and graduate in accounting field help the firm to perform well and
complete the entire task on time.

On the other than, the firm do accounts for those clients who need it. Especially, for those run
business as partnership and enterprise. Together with accounts the firm do e-filing for Form B
and Form P. The firm do e-filing to Inland Revenue Board shows that the firm was up-to date.
The auditor handle direct with Income Tax officers if any field audit or tax which make the client
feel free if there is any problem. The auditors also able to give consultation for those clients if
there are facing any problems in accounting. The staff also will do audit at clients office if they
request for it.

Every year there will be a seminar organizes by Inland Revenue Board after the budget which
will discuss about the changes in tax for the following year. Yeoh Oon Hor & Co., will send their
staff to attend those seminar to give them an opportunity for them to get know about the changes
in tax. All the seminar cost was covered by the firm. It will help the staff direct deal with clients
and to pass information to the clients about the changes in tax.

As we know, since 1 April 2015 new GST (Government Service Tax) is implemented in
Malaysia. So, the firm was sent the staffs to the seminar which organize by Jabatan kastam diraja
Malaysia.

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WEAKNESSES

The firm also has some weaknesses. First of all, lack of facilities such as poor internet system,
unstable management and misunderstanding between staff. The problems were incurred because
of the irresponsible staff. Some staff tracking the time till last minute which may cause late
filing. Late filing will make the client angry with the management and later part they will change
their auditors.

Besides that, not only the staffs create the problem, sometimes the management take late action
in any situation can make the client unhappy with this firm. Recently there are one group of
clients are change their auditor just because of the irresponsible staff which always caused late
filing.

Other than that, it because some clients are from outstation so the staff needs to go over there to
do stock take. It will delay the working process also be weaknesses of the firm. Because of the
clients from outstation it will take time for them to sign the documents and the process will be
through email or post. Sometime, late process and delay to release the financial report will make
client unsatisfied with the service given by the firm.

Lastly, even the firm sent the staff to the seminar held by government but its still not enough for
them. It is just because in just 5 hour they just able to learn half of it. Besides that, only select
staff only will sent for seminar and most of the time they are same people. As an audit firm it
should familiar with current issue. But, the staffs dont have full knowledge about GST. At same
time there are no staffs to handle the GST for clients. So, it can make the firm loss their client
because there a lot of clients request us to do GST.

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OPPORTUNITIES

The firm has lot of opportunities to be more popular and more stable in this field. Just they need
to be more patient and up do date with the current issue and be more knowledgeable people
in all matters regarding either tax or audit.

There will be changes in tax computation for every year after the budget was announced. So, it is
very important for the person in auditing field to take note about those changes. There will an
extra opportunity for this firm if all the staff was familiar with GST. Nowadays, a lot clients
looking for firm can handle audit, tax and GST for them.

THREATS

The audit firm also has some threats that can affect them. Expansion of competitors near the
premises will give a big challenge to them. At the same time, new firm are play multiple role
under one roof. It can give big impact the Yeoh Oon Hor & Co. More experience staff in other
firms also will be disadvantages for the firm.

Existing firms are upgrading their system and move towards as per client expectations to give a
better outcome and fulfill clients needs. It will be difficult to survive in this competitive
profession if Yeoh Oon Hor & Co. still with same software.

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SOLUTIONS FOR THE PROBLEMS IDENTIFIED IN SWOT ANALYSIS

In my opinion I think that the strategic analysis of Yeoh Oon Hor & Co. was have a good
analysis as well as poor analysis and should be repair or use another strategy. This is because to
make sure that Yeoh Oon Hor & Co., able to stable among these competitive accounting firms.

Firstly, need to consider about the existing firms and the new firm. Where

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