Audit: Formis Network Services Translation Case Study

Formis Network Services required audit translation services from which VEQTA provided.

Formis Network Services is a Malaysian IT company with a specialization in customized systems integration of hardware platforms, infrastructure implementation, applications development and ICT systems integration. Formis’ solutions driven focus rests on execution of IT projects for Government Departments, GLCs and clients within the telecommunications sector as well as, energy and oil and gas.

The company boosts a formidable workforce able to utilize a well-stocked supply and competence to provide ultimate support for the systems and hardware installed.

It’s ICT contractor clients include Malaysia’s Ministry of Finance (MOF), Telekom Malaysia, Petronas Putrajaya to mention some.

Formis has pioneered efficient IT maintenance arrangements with its Malaysian partners to provide a basis for support and periodic preventative maintenance services to ensure a proactive support service.

Project Background

Formis Network Services was awarded a 4.1 Million USD (RM 17 million) vendor contract by the Companies Commission of Malaysia (SSM) to develop a new XBRL online document submission platform.  Prior to being awarded the contract Omesti had been developing the Federal Court of Malaysia’s eCourts infrastructure.  The new platform would allow SSM to capture critical financial information and other key data from registered companies, to provide powerful analytical insights into the Malaysian business.

The project formed part of a comprehensive re-engineering of the SSM online infrastructure to an XBRL (eXtensible Business Reporting Language) domain.

Omesti group executive director Mah Xian-Zhen said, “The new XBRL SSM platform will automate the process of data collection, transform the submission of statutory reports by registered entities and facilitate the company information for analysis:

“This will change the way data can be captured and shared by SSM and will significantly enhance its standing as a resource for vital corporate insights.”

How our Audit Translation Team Helped

Formis was awarded a RM 17 contract by the Companies Commission of Malaysia to develop a new platform for companies to file annual tax-returns online and electronic account audits.

The system needed to enable companies and organizations filing annual tax-returns online and Formis needed a full localization solution from VEQTA with translation English to Bahasa Translation. The project required both technological expertise as well as financially ITBM certified savvy translators with accounting background.

The project also demanded a perfect solution for terminology management and evidence of Malaysian accounting terminology based on generally accepted accounting principles.