Recognition of Audit Firms and Individual Auditors
Part IIIA of the Securities Commission Malaysia Act 1993 establishes a framework to enable the Audit Oversight Board (AOB) to grant recognition to foreign auditors who audit the financial statements of foreign corporations listed on Bursa Malaysia. Further information and relevant application forms regarding the application for recognition within the AOB can be found below–
  • Register of Recognised Foreign Auditors
    Register of Recognised Foreign Auditors as at 30 April 2019
  • Handbook for Registration
  • Form 3
  • Form 4
  • Frequently Asked Questions On Recognition Of Foreign Auditors
    1. Who is eligible to apply to be a recognised foreign auditor?
    The recognition framework is only applicable to the statutory auditor of a foreign incorporated corporation listed on Bursa Malaysia. It is important to note that the recognition framework is not applicable to the statutory auditor of any other type of public interest entity or schedule fund as defined under Schedule 1 of the SCMA. Such statutory auditors are governed under the registration regime of the Audit Oversight Board (AOB).

    2. What are the requirements for recognition?
    The main requirement for recognition is that the foreign auditor must first be approved or registered with a relevant foreign authority which exercises functions corresponding to that of the AOB as specified in section 31B of the SCMA. For further information as to the recognition criteria, process and forms, you are advised to refer to the Handbook for the Recognition of Foreign Auditors.

    3. How does a foreign auditor apply for recognition with the AOB?
    The foreign individual auditor and the foreign audit firm are required to complete and submit hard copies of Form 3 and Form 4 respectively.

    4. How much is the recognition fee?
    RM8,000 per foreign individual auditor, which must be submitted at the point of submission of the application for recognition of the foreign individual auditor.

    5. How do I pay my recognition fee?
    Payment of AOB recognition fee of RM8,000 per foreign individual auditor must be made in the form of a bank draft made payable to the “Audit Oversight Board”. Payment must be addressed to– 

    Audit Oversight Board
    Securities Commission Malaysia
    3 Persiaran Bukit Kiara
    Bukit Kiara
    50490 Kuala Lumpur

    6. Will I be informed if my application for recognition is refused?
    Will I also be informed if my recognition status is revoked or suspended by AOB? Yes, you will be informed and given an opportunity to be heard. AOB will consider your response and you will be notified of the AOB’s decision accordingly. In the event that you are not satisfied with the decision of the AOB, you may appeal to the SC within 30 days of the decision.

    7. In the case where my application is refused, will my recognition fee be refunded?
    In the event that your application is refused for whatever reason, AOB will refund any payment made for the recognition.

    8. Can I withdraw my recognised status with the AOB?
    Yes, you can withdraw your recognised status by notifying AOB in writing the reasons for doing so. You are also required to return your notification of recognition to the AOB if you cease to be recognised with the AOB. Please note that the withdrawal is subject to AOB’s approval and the recognition fee will not be refunded. Once you have withdrawn your recognised status, you are no longer permitted to hold yourself out as a recognised auditor under the AOB.

    9. Can AOB withdraw or suspend my recognition even after I have been recognised?
    Yes, section 31Q of the SCMA provides that the AOB may withdraw or suspend the recognition accorded to an auditor if–
    1. The auditor is not fit and proper during the tenure of the registration;
    2. The auditor contravenes any terms or conditions imposed by the AOB in respect of his registration; or
    3. The auditor fails to pay any fee as specified by the AOB.
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