The Securities Commission Malaysia (SC)’s Audit Oversight Board (AOB) recently introduced annual transparency reporting for firms that audit public interest entities (PIEs) in Malaysia.
Commencing from 31 December 2019, transparency reporting shall be compulsory for audit firms that are registered with the AOB and has met the following two criteria as at the end of the calendar year for two consecutive years:
- Audit firms with more than 50 PIE audit clients; and
- The total market capitalisation of the audit firm’s PIE clients amounts to above RM10 billion.
For audit firms that subsequently fail to meet the stated criteria above for two consecutive calendar years, these audit firms are encouraged to continue with transparency reporting. For all other audit firms, adoption of annual transparency reporting is encouraged.
Please click here for further details on the requirements for the annual transparency reporting for firms that audit PIEs in Malaysia.
If you have any queries relating to this matter, please contact the AOB office at 03-6204 8900.
13 August 2019
