Changes in FRS1 - MCST Reporting Formats Revised

Dear Valued Clients,


In line with changes of FRS 1, FS reporting formats have been revised accordingly. The Financial Statements issued for period beginning on or after 1st Jan 2009 shall be based on this Financial Statements Illustration. Please take note that only relevant areas are amended and or modified to suit the MCST entity.


To expedient our audit processing to meet the requirements under Section 45, we need your cooperation to help us in the audit as follows –

  1. Send out bank confirmation requesting letters to ALL the bankers as soon as possible and fax a copy to us via @ 65336832 for reference;
  1. Print out hard or softcopy of monthly accounting entries journals, ledger and reports including B/S, P/L, GL listing, SP Detailed Aging Report, Late Payment Interest Charge Journals, Schedule for to B/S and P/L items, Legal Letter, Insurance Policies, Contracts relevant to expenditures must be made available at one location readily for audit;
  1. List of Contract Services include Vendor’s Name, Value, Period of Service etc for completeness tests;
  1. After year end, make available bank receipts/payment records and bank statement to verify the post balance sheet transactions;
  1. AGM/EOGM, and Council Meeting Minutes of meetings; by law; MCST finance policies;
  1. Preparation of the Confirmation of cash, commitments and contingent liabilities, and stocks
  1. Letter from Commissioner approving the MF rate upon issuance of TOP; Strata Title Roll for the first time audit,
  1. Staffs available to pull out /extract information and explain on query during the audit.

Kindly note that our audit jobs are assigned according to a queue system on first come first served and scheduled timeline. As a guideline, we need a minimum of 20 working days to complete the audit and render the draft report, provided all documentation are in good order


The FS and audit report shall not be signed off until all required confirmations from bankers and relevant certificates are received.


For templates, please refer to Financial Statements Illustration and MCST Confirmations.


Updated on 6 Jan 2010.