• Accounting Division is responsible for managing and controlling Trust and Revenue Accounts to ensure all transactions are accounted and accounts prepared in accordance to the relevant accounting standards, policies and procedures.
The main functions of the Division are as follows:
i. Receipt and Consultancy Unit
• Managing the department's revenue and non-revenue receipts received via payment counters and online transactions;
• Monitoring department's receipts at nationwide branches;
• Managing the implementation of Online Projects relating to Receipting Projects implemented by the department;
• Providing consultations on government receipting matters to nationwide branches and public;
• Reviewing and consolidating all reports and receipts information from the branches for the purpose of dissemination to other relevant Government Departments / Agencies;
• Designing and enhancing the financial and accounting system applied by the Departrment of Insolvency; and
• Conducting auditing at nationwide branches to ensure compliance and adequate / effective internal control over accounting affairs and financial management.
ii. Receipt and Consultancy Unit
• Preparing the Financial Statements and Year End Supporting Working Papers for Insolvency Trust Accounts and Insolvency Special Purpose Petty Cash Accounts;
• Reviewing dan consolidating all reports and trust accounts information from the branches for the purpose of dissemination to other relevant Government Departments / Agencies;
• Processing application on revenue refund from nationwide branches;
• Providing consultations on government trust accounts matters to nationwide branches and public;
• Preparing Insolvency Assistance Fund Trust Account annual budget for Insolvency Trust Accounts Committee's approval;
• Processing payments for approved procurements using fund provided by Insolvency Assistance Fund Trust Account;
• To propose placement of fund and manage the investment of the Bankruptcy Estate Trust Account and Insolvency Assistance Fund Account as allowed by Section 77 and 77A of the Insolvency Act 1967;
• Acting as the secretariat for Insolvency Trust Accounts Committee;
• Performing equity shares valuation owned by bankrupts and companies wound up for the purpose of realization;
• Assisting the audit on External Liquidators appointed to manage companies wound up cases; and
• To oversee and coordinate the delegation of Director of Insolvency's powers pertaining to the Insolvency Trust Accounts to authorized personnels.