Kuala Lumpur, 4 October 2012

AOB Malaysia Establishes Collaboration with Japan Counterparts

The Audit Oversight Board Malaysia (AOB) today established official collaboration in audit oversight with the Japan Financial Services Authority (JFSA) and the Certified Public Accountants Audit Oversight Board (CPAAOB).

The collaboration was signified through an exchange of letters held at the side of the International Forum of Independent Audit Regulators plenary meeting in London on 3 October 2012. This is another milestone in AOB’s ongoing effort to enhance audit quality.

“In view of the global nature of business, the quality of financial statements and audit is determined by work performed in more than one country,” said Nik Mohd Hasyudeen Yusoff, Executive Chairman of AOB.

“This collaboration would facilitate audit regulators to oversee cross-border audits towards enhancing the soundness of the securities markets and investor protection in the respective countries,” he added.

This is AOB’s first collaborative arrangement with other regulators outside the ASEAN region. The official co-operation will allow the audit regulators to share information upon request, with respect to foreign audit firms that fall within the respective regulatory jurisdiction.