Kuala Lumpur, 21 September 2010
AOB Accepted into International Forum of Independent Audit Regulators
The Audit Oversight Board (AOB) has been admitted as a member of the International Forum of Independent Audit Regulators (IFIAR) making Malaysia only the second country from ASEAN to be admitted. The membership was obtained on 13 September 2010.
The AOB’s admittance as a member of IFIAR is a recognition of the AOB as a well-structured, independent audit regulator on par with agencies from other jurisdictions. It is also yet another step forward in the AOB’s continuing efforts to enhance audit quality in Malaysia.
“Becoming a member of IFIAR is important in order to promote investor confidence in Malaysia’s capital market. The membership is also timely as AOB has commenced its inspections of audit firms,” the AOB Executive Chairman Nik Mohd Hasyudeen said.
“IFIAR membership enables the AOB to be involved in global activities with respect to audit inspection and to gain insights from the experience of other jurisdictions including from major markets like the United States, Japan and the United Kingdom. The AOB will strive to meet goals set by the IFIAR Charter,” he added.
The AOB, established pursuant to the recently gazetted Securities Commission Amendment Act, oversees the auditors of Public Interest Entities (PIEs), protect investors’ interest and promote confidence in the quality and reliability of audited financial statements of PIEs. It commenced operations on 1 April 2010 and has statutory powers.
IFIAR was established in 2006 withthe common goal of serving the public interest and enhancing investor protection by improving audit quality globally, including through independent inspections of auditors and audit firms. All applicants to the IFIAR are subject to a highly rigorous and comprehensive assessment process which focuses on the independence and structure of the regulatory agency.
SECURITIES COMMISSION MALAYSIA