Walaupun peraturan mengenai yuran AOB hanya berkuat kuasa pada 15 April 2010, namun begitu, pihak AOB telah mengguna pakai surat aku janji dari firma audit bagi urusan bayaran fi pendaftaran bagi mengelakkan syarikat-syarikat tersenarai menghadapi masalah melantik juruaudit sementara menunggu peraturan tersebut berkuat kuasa. Kelewatan menguatkuasakan peraturan ini adalah untuk memastikan peraturan yang dibuat dengan teratur dan sempurna.
Even though the law regarding the fees payable to the AOB only came into force on the 15th of April 2010, the AOB has utilised the surat aku janji (letter of promise) from the audit firms for the purpose of payment of fees, so that the companies listed will not have any problems in hiring auditors while waiting for the law to come into force. The delay in the enforcement of this rule was to ensure that the rule was made correctly and without blemish. ~ Reply given in the Malaysian Parliament to the questions raised regarding the questionable registration of PricewaterhouseCoopers by the AOB.
 |
| Nik Hasyudeen, Chairman of the AOB. We also accept surat aku janji's. |
En Nik Hasyudeen, there are many parts in the reply that the AOB and the Securities Commission has furnished as a reply to the questions raised in the Malaysian Parliament regarding the questionable registration of the firm of PricewaterhouseCoopers under the Audit Oversight Board, which do not stand up to scrutiny.
There are two parts to the question raised:
Questionable registration of the firm of PricewaterhouseCoopers
Questions:
a) how were the firm of PricewaterhouseCoopers and a director from its board, registered as auditors on the 1st of April 2010, by the Audit Oversight Board under Section 31s (1) of the Securities Commission Act, when most of the members of the Audit Oversight Board were themselves appointed after the 1st of April 2010: and
b) who approved and signed the letter of registration for the firm of PricewaterhouseCoopers and it's director? Was it the Chairman of the Securities Commission or the Director of the AOB? What mechanism was in place to accept and process the application when the Chairman of the Securities Commission only signed the amendment (sic) on the 8th of April 2010, and the Second Finance Minister signed it on the 13th of April 2010?
A little bird has told us that the answers were crafted by the AOB in the Securities Commission.
Our first question is simple. Where in Section 31P of the Securities Commission Act, or in any other Section 31 is there a provision for the Audit Oversight Board to accept a letter of promise from an auditor in lieu of the fees payable, to accept and process the applications?
We reproduce the entire Section 31 of the Securities Commission Act below, to assist the AOB in coming up with a reasonable explanation on how a surat aku janji is deemed as acceptable.
PART IIIA
AUDIT OVERSIGHT BOARD
DIVISION 1
Preliminary
31A. Interpretation for the purpose of Part IIIA
In this Part—
―auditor‖ means an individual auditor or audit firm who is registered under section 31O as an auditor of a public interest entity;
―Inspection Officer‖ means a person authorised by the Audit Oversight Board to carry out inspection under section 31V;
―Inquiry Officer‖ means a person authorised by the Audit Oversight Board to carry out inquiry under section 31W;
―Malaysian Institute of Accountants‖ means the Malaysian Institute of Accountants established under the Accountants Act 1967 [Act 94];
―public interest entity‖ means the entity specified in Schedule 1;
―relevant authorities‖ includes Bank Negara Malaysia, Companies Commission of Malaysia, Malaysian Institute of Accountants and any other authority as may be determined by the Minister.
[Ins. Act A1369:s.4]
DIVISION 2
Establishment and Functions of Audit Oversight Board
31B. Functions of Commission relating to audit oversight
The functions of the Commission relating to audit oversight shall be as follows:
(a) to promote and develop an effective and robust audit oversight framework in Malaysia;
(b) to promote confidence in the quality and reliability of audited financial statements in Malaysia; and
(c) to regulate auditors of public interest entities.
[Ins. Act A1369:s.4]
31C. Establishment of Audit Oversight Board
(1) For the purposes of discharging its functions under section 31B, the Commission shall establish an Audit Oversight Board.
(2) The Audit Oversight Board shall consist of the following members who shall be appointed by the Commission:
(a) an executive chairman; and
(b) six non-executive members.
(3) For the purposes of subsection (2), members who are appointed by the Commission—
(a) must possess knowledge and experience in finance, business, or in any other relevant discipline;
(b) must be individuals of integrity and reputation who have demonstrated commitment to the interests of investors; and
(c) must understand the responsibilities for and the nature of financial disclosures as required by public interest entities.
(4) The executive chairman shall serve on a full-time basis and shall not—
(a) be employed by any other person or be engaged in any other professional or business activity;
(b) be a director or controlling shareholder of any public interest entity, its related corporation or associate company;
(c) have any share in any of the profits of an accounting or auditing firm; and
(d) receive payment from any accounting or auditing firm or from any other person as may be specified by the Commission, other than fixed continuing payments under standard arrangements for retirement from an accounting or auditing firm subject to such conditions as the Commission may impose.
(5) In this section, ―controlling shareholder‖ means a person who—
(a) is entitled to exercise, or control the exercise of, not less than fifteen per centum of the votes attached to the voting shares in a company;
(b) has the power to appoint or cause to be appointed a majority of the directors of a company; or
(c) has the power to make or cause to be made, decisions in respect of the business or administration of a company, and to give effect to such decisions or cause them to be given effect to.
(6) At all times, not more than two non-executive members of the Audit Oversight Board shall be members of the Malaysian Institute of Accountants who are registered under the Accountants Act 1967 as a chartered accountant, a licensed accountant or an associate member.
[Ins. Act A1369:s.4]
31D. Application of Schedule 2
(1) Schedule 2 applies to members of the Audit Oversight Board.
(2) The Minister may amend Schedule 2 by order published in the Gazette.
[Ins. Act A1369:s.4]
31E. Responsibilities of Audit Oversight Board
(1) Without prejudice to the generality of section 31F, the responsibilities of the Audit Oversight Board in assisting the Commission in discharging its functions under section 31B, shall be as follows:
(a) to implement policies and programmes in ensuring an effective audit oversight system in Malaysia;
(b) to register auditors of public interest entities for the purposes of this Act;
(c) to direct the Malaysian Institute of Accountants to establish or adopt, or by way of both, the auditing and ethical standards to be applied by auditors;
(d) to conduct inspections and monitoring programmes on auditors to assess the degree of compliance of auditing and ethical standards;
(e) to conduct inquiries and impose appropriate sanctions against auditors who fail to comply with auditing and ethical standards;
(f) to cooperate with relevant authorities in formulating and implementing strategies for enhancing standards of financial disclosures of public interest entities;
(g) to liaise and cooperate with oversight bodies outside Malaysia to enhance the standing of the auditing profession in Malaysia and internationally; and
(h) to perform such other duties or functions as the Audit Oversight Board determines necessary or appropriate to promote high professional standards of auditors and to improve the quality of audit services provided by auditors.
(2) The Audit Oversight Board shall perform the responsibilities under subsection (1) on behalf and in the name of the Commission.
[Ins. Act A1369:s.4]
31F. Commission may give general or specific directions to Audit Oversight Board
The Commission may, from time to time, give the Audit Oversight Board such general or specific directions consistent with the provisions of this Part.
[Ins. Act A1369:s.4]
31G. Disclosure of interest
(1) A member of the Audit Oversight Board having directly or indirectly, by himself or a member of his family, any interest in any matter under discussion by the Audit Oversight Board shall disclose to such Board the fact and nature of his interest.
(2) A disclosure under subsection (1) shall be recorded in the minutes of the Audit Oversight Board and, after the disclosure, the member having an interest in the matter—
(a) shall not take part nor be present in any deliberation or decision of the Audit Oversight Board; and
(b) shall be disregarded for the purpose of constituting a quorum of the Audit Oversight Board.
(3) Any member of the Audit Oversight Board who fails to disclose his interest as provided under subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding two hundred and fifty thousand ringgit or to imprisonment for a term not exceeding five years or to both.
(4) No act or proceedings of the Audit Oversight Board shall be invalidated on the ground that any member of the Audit Oversight Board has contravened the provisions of this section.
[Ins. Act A1369:s.4]
DIVISION 3
Finance
31H. The Audit Oversight Board Fund
(1) For the purposes of this Part, the Commission shall establish and administer a fund to be known as the ―Audit Oversight Board Fund‖.
(2) The assets of the Audit Oversight Board Fund shall be the property of the Commission and shall be kept separate and apart from those of the Fund.
(3) The Audit Oversight Board Fund shall consist of the following:
(a) such sums as may be determined by the Commission from time to time for the purposes of this Part;
(b) contributions as may be prescribed by the Minister under section 31I;
(c) registration fees prescribed under section 31O;
(d) penalty imposed under section 31Z;
(e) fees or other charges imposed under this Part;
(f) monies earned or arising from any investment of the Audit Oversight Board Fund; and
(g) all other sums or property which may, in any manner, be payable to or be vested in the Audit Oversight Board Fund relating to any matter incidental to its functions and powers under this Part.
[Ins. Act A1369:s.4]
31I. Contribution
(1) The Minister may, by order published in the Gazette, prescribe the person who shall be required to make a contribution to the Audit Oversight Board Fund and the amount of such contribution.
(2) The contribution made under subsection (1) shall be utilised only for the purposes of carrying out the functions of the Commission under section 31B.
[Ins. Act A1369:s.4]
31J. Expenditure to be charged on Audit Oversight Board Fund
The Commission shall utilise the monies in the Audit Oversight Board Fund for the following purposes:
(a) paying any expenditure lawfully incurred by the Audit Oversight Board including legal fees and costs and other fees and costs, and the remuneration of persons employed or engaged by the Commission for the purposes of carrying out the functions of the Commission and the responsibility of the Audit Oversight Board in this Part, including the granting of loans, superannuation allowances and gratuities to such persons;
(b) paying any expenditure incurred in planning and implementing capacity building programmes relating to accounting and auditing profession; and
(c) paying any other expenses, costs or expenditure properly incurred or accepted by the Audit Oversight Board for carrying into effect the provisions of this Part.
[Ins. Act A1369:s.4]
31K. Investment
The monies of the Audit Oversight Board Fund shall, in so far as they are not required to be expended under this Part, be invested by the Commission in such manner as the Commission deems fit.
[Ins. Act A1369:s.4]
31L. Annual report and accounts
(1) The Audit Oversight Board shall, within three months after the end of each financial year, prepare a report on its activities during that financial year and send a copy of the report to the Commission.
(2) For the purposes of subsection (1), the report shall provide—
(a) the assessment of the Audit Oversight Board of its performance and effectiveness in discharging its responsibilities under section 31E;
(b) an assessment of significant risks relating to the quality and reliability of financial statements of public interest entities as identified by the Audit Oversight Board in the course of its inspection and inquiries, and key measures recommended by the Audit Oversight Board to address such risks;
(c) the systems, procedures and practices used by the Audit Oversight Board for evaluating the effectiveness of its operations; and
(d) any other matter affecting the carrying out of the functions of the Audit Oversight Board.
(3) The Commission shall cause a copy of the annual report to be submitted to the Minister.
(4) The Audit Oversight Board shall keep proper accounts of the Audit Oversight Board Fund and shall prepare a balance sheet in respect of such accounts.
(5) The accounts of the Audit Oversight Board Fund shall be kept separate from the accounts of the Commission as provided under section 29.
(6) The Commission shall cause the statement of accounts of the Audit Oversight Board Fund to be audited by auditors appointed by the Commission.
(7) The Commission shall, as soon as possible, send a copy of the statement of accounts of the Audit Oversight Board Fund certified by the auditors and a copy of the auditor’s report to the Minister who shall cause them to be laid before both Houses of Parliament.
[Ins. Act A1369:s.4]
31M. Statutory Bodies (Accounts and Annual Reports) Act 1980
The Statutory Bodies (Accounts and Annual Reports) Act 1980 [Act 240] shall not apply to the Audit Oversight Board.
[Ins. Act A1369:s.4]
DIVISION 4
Registration as Auditor of Public Interest Entity
31N. Requirement for registration as auditor of public interest entity
(1) No person shall, unless he is registered under this Division—
(a) hold himself out or act as an auditor of a public interest entity;
(b) knowingly consents to be appointed and knowingly acts as an auditor of a public interest entity; or
(c) prepare for or on behalf of a public interest entity any report required by the Companies Act 1965 to be prepared by an auditor.
(2) Any person who contravenes subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding one million ringgit or to imprisonment for a term not exceeding five years or to both.
[Ins. Act A1369:s.4]
31O. Application for registration and renewal of registration as auditor of public interest entity
(1) An application for registration or renewal of registration as an auditor of a public interest entity for the purposes of this Act shall be made to the Audit Oversight Board.
(2) The application under subsection (1)—
(a) shall be made in the form as may be determined by the Audit Oversight Board; and
(b) shall be accompanied with—
(i) the fees as may be prescribed by the Commission; and
(ii) such information or documents as may be required by the Audit Oversight Board.
(3) Subject to section 31P, the Audit Oversight Board may approve or refuse the registration of an applicant or the renewal of registration of an auditor.
(4) The Audit Oversight Board may, upon the registration of an applicant or renewal of registration of an auditor, impose such conditions as it deems necessary or expedient and from time to time amend any such conditions or impose new or additional conditions.
(5) The Audit Oversight Board shall serve a written notice to the auditor concerned of the amendment of any conditions of the registration or renewal of registration, and such conditions as amended or such new or additional conditions shall take effect at the time the notice is served or at such time as specified in the notice, whichever is the later.
[Ins. Act A1369:s.4]
31P. Refusal to register or renew registration
(1) The Audit Oversight Board may refuse the registration of an applicant or the renewal of registration of an auditor if the Audit Oversight Board is satisfied that the applicantor the auditor—
(a) is not or has ceased to be an auditor approved under section 8 of the Companies Act 1965;
(b) has been convicted—
(i) within or outside Malaysia, of an offence involving fraud or other dishonesty;
(ii) of an offence under any written law relating to the protection of members of the public against financial loss due to—
(A) dishonesty, incompetence or malpractice by persons concerned in the provision of financial services or the management of companies; or
(B) the conduct of discharged or undischarged bankrupts;
(c) has engaged in any practices which reflect discredit on his ability to meet professional auditing standards;
(d) is an undischarged bankrupt within or outside Malaysia;
(e) is subject to a sanction imposed under section 31Z; or
(f) has failed to comply with any other requirements of this Part or any written notices or guidelines made under this Act.
(2) Where the Audit Oversight Board refuses the registration of an applicant or the renewal of registration of an auditor, the Audit Oversight Board shall serve a written notice on the applicant or the auditor stating that the registration or renewal of registration is refused and the grounds for such refusal.
(3) The Audit Oversight Board shall not refuse the registration of an applicant or the renewal of registration of an auditor without giving the applicant or the auditor an opportunity to be heard.
[Ins. Act A1369:s.4]
31Q. Power to revoke and suspend registration
(1) The Audit Oversight Board may, at any time, revoke or suspend the registration of an auditor if—
(a) there exists a ground on which the Audit Oversight Board may refuse an application under subsection 31P(1); or
(b) the auditor contravenes any terms or conditions imposed by the Audit Oversight Board in respect of his registration under this Part.
(2) The suspension under subsection (1) may be extended or revoked at any time by the Audit Oversight Board as it considers appropriate.
(3) Where the Audit Oversight Board intends to revoke or suspend the registration of an auditor, it shall serve a written notice to the auditor concerned stating that his registration is to be revoked or suspended and the grounds for such revocation or suspension.
(4) The Audit Oversight Board shall not revoke or suspend a registration under subsection (1) or (2) without giving the auditor an opportunity to be heard.
(5) For the purposes of this Part, an auditor whose registration has been revoked or suspended shall be deemed not to be registered from the date the revocation or suspension takes effect or any other date as may be specified by the Audit Oversight Board.
[Ins. Act A1369:s.4]
31R. Notification of refusal, revocation or suspension
Where an auditor falls within the scope of subsection 31P(1) or 31Q(1), he shall, immediately upon becoming aware of the happening of such event, notify the Audit Oversight Board in writing by setting out the relevant particulars.
[Ins. Act A1369:s.4]
31S. Period of registration
(1) The registration under subsection 31O(3) shall be for a period of twelve months from the date of its approval or from such date as may be specified by the Audit Oversight Board in writing.
(2) The registration of an auditor may be renewed for a further period of twelve months or such period as may be specified by the Audit Oversight Board from the date on which the renewal period would have expired.
[Ins. Act A1369:s.4]
31T. Register of auditors
(1) The Audit Oversight Board shall keep and maintain a Register of Auditors in such form and manner as it thinks fit.
(2) There shall be removed from the Register the name and other particulars of any auditor who ceases to be registered under this Part.
(3) Any person may, upon payment of the prescribed fees, inspect and take extracts from the Register kept and maintained under subsection (1).
[Ins. Act A1369:s.4]
DIVISION 5
Setting Auditing and Ethical Standards
31U. Auditing and ethical standards
(1) Subject to subsections (2) and (3), the Audit Oversight Board shall adopt the auditing and ethical standards to be complied by an auditor to the extent and in such manner it considers appropriate.
(2) For the purposes of setting auditing and ethical standards, the Audit Oversight Board may convene or authorise its staff to convene such advisory committees as may be appropriate, which may include accountants and other experts, as well as other stakeholders, to assist the Audit Oversight Board concerning the content of the auditing and ethical standards.
(3) The Audit Oversight Board may direct the Malaysian Institute of Accountants to establish or amend the auditing and ethical standards to be complied by an auditor.
[Ins. Act A1369:s.4]
DIVISION 6
Inspection and Inquiry
31V. Inspection
(1) The Audit Oversight Board shall, from time to time, conduct inspections to assess—
(a) the degree of compliance with the auditing and ethical standards by an auditor; and
(b) the quality of audit reports prepared by an auditor relating to the audited financial statements of public interest entities.
(2) The inspections under subsection (1) shall be carried out by any officers of the Audit Oversight Board or any person authorised by the Audit Oversight Board who is referred to as an ―Inspection Officer‖ in this Division.
(3) The auditor, its partners and employees shall cooperate with an Inspection Officer, conducting an inspection under this section, in the following matters:
(a) providing access to all books, accounts, working paper or other related documents;
(b) furnishing copies of or extracts from such books, accounts, working papers or other related documents; and
(c) providing information by oral interview, in writing or in any other manner as may be determined or required by an Inspection Officer.
(4) At the conclusion of the inspection made under this section, the Inspection Officer shall prepare a draft inspection report and a copy of that draft report shall be extended to the auditor concerned.
(5) The Audit Oversight Board shall forthwith discuss the findings of the inspection report with the auditor concerned and after taking into account the representations made by the auditor, the Inspection Officer shall finalise the draft inspection report.
(6) The auditor concerned shall, immediately, report to the Audit Oversight Board all remedial measures which have been or are being taken relating to any findings raised in the inspection report.
(7) The Audit Oversight Board may publish the inspection report referred to in subsection (5) if the auditor fails to take the relevant remedial measures under subsection (6).
[Ins. Act A1369:s.4]
31W. Inquiry
(1) If the Audit Oversight Board is satisfied, after conducting inspections under section 31V, that there is a reason to believe that any auditor—
(a) has contravened any provisions of this Part; or
(b) has breached or fails to comply with—
(i) any condition imposed under subsection 31o(4);
or
(ii) any written notice or guidelines issued by the Commission,
the Audit Oversight Board shall inquire into such matter.
(2) The inquiry under subsection (1) shall be carried out by any officers of the Audit Oversight Board or any person authorised by the Audit Oversight Board who is referred to as an ―Inquiry Officer‖ in this Division.
[Ins. Act A1369:s.4]
31X. Power to require information
(1) For the purposes of an inquiry, an Inquiry Officer may, by notice in writing served on a person, require such person—
(a) to provide all reasonable assistance in connection with the inquiry; and
(b) to appear before him or other Inquiry Officers concerned to be examined orally.
(2) Any statement made by any person under this section shall be reduced into writing by the Inquiry Officer, and signed by the person making it or affixed with his thumb print after such statement has been read to him and after he had been given an opportunity to make any correction he may wish.
(3) If the person referred to in subsection (2) refuses to sign or affix his thumb print on the statement, the Inquiry Officer shall endorse on the statement under his hand of such refusal and the reason thereof, if any.
(4) A person referred to in subsection (1) shall be legally bound—
(a) to give information relevant to the inquiry which is in his power to give;
(b) to answer all questions put to him by the Inquiry Officer; and
(c) to state the truth, whether or not the statement is made wholly or partly, in answer to questions.
(5) For the purposes of subsection (1), the Inquiry Officer examining the person may give directions on who may be present during the examination or during any part of it.
(6) Any statement made and recorded under this section shall be admissible as evidence in any proceeding in any court.
(7) Any person to whom a notice is issued under subsection (1) shall not—
(a) refuse to answer any question put to him by an Inquiry Officer as required under subsection (4) or neglects to give any information which may reasonably be required of him and which he has in his power to give; or
(b) knowingly furnish to an Inquiry Officer information or statement which is false or misleading in any material particular.
(8) For the purposes of this Division, any notice which is given shall, if practicable, be served personally on any person specified in such notice.
(9) Where any person specified in a notice given under this section or any other provisions of this Division cannot by the exercise of due diligence be found, the notice may be served by leaving a copy of it for him with some adult member of his family or with his servant residing with him.
(10) When any person specified in any notice given under this section or any other provision of this Division cannot by the exercise of due diligence be found, and service cannot be effected as directed by subsection (8), a copy of the notice shall be affixed to some conspicuous part of the house or such other place in which the person specified in the notice ordinarily resides, and in such case the notice shall be deemed to have been duly served.
[Ins. Act A1369:s.4]
31Y. Inspection and inquiry of consolidated financial statements
For the purposes of this Division and, in the case of consolidated financial statements of public interest entities, the powers conferred on the Audit Oversight Board and its officers, or persons authorised by the Audit Oversight Board to inspect or to inquire into such financial statements shall apply relating to the accounts, working papers and documents prepared by the auditors of the subsidiaries or associates of such public interest entities.
[Ins. Act A1369:s.4]
DIVISION 7
Sanctions
31Z. Sanctions
(1) Where any person contravenes or fails to comply with, observe, enforce or give effect to any of the following, that person has committed a breach:
(a) any provisions of this Part;
(b) any conditions imposed under subsection 31O(4); or
(c) any written notice or guidelines imposed or issued by the Commission.
(2) Where a person has committed a breach under subsection (1), the Audit Oversight Board may take one or more of the following actions:
(a) direct the person concerned to comply with the provisions of this Part or any conditions imposed under subsection 31O(4), or any written notice or guidelines issued by the Commission;
(b) reprimand the person concerned;
(c) require the person concerned to take such steps, as the Audit Oversight Board may direct, to remedy the breach;
(d) require relevant professional education to be undertaken by the person concerned;
(e) assign a reviewer to oversee an audit that is undertaken by the person concerned;
(f) prohibit the person concerned from accepting any public interest entity as its client for a period not exceeding twelve months;
(g) prohibit the person concerned from auditing financial statements of a public interest entity for a period not exceeding twelve months or permanently; and
(h) impose a penalty not exceeding five hundred thousand ringgit on the person concerned.
(3) Notwithstanding subsection (2), the Audit Oversight Board may require any person who has committed a breach under subsection (1) to give a written undertaking that such person shall comply with, observe, enforce or give effect to—
(a) the provision of this Part;
(b) any conditions imposed under subsection 31O(4); or
(c) any written notice or guidelines imposed or issued by the Commission.
(4) Subsection (3) shall not apply to any person who has committed a breach under subsection (1) and has been prohibited from auditing financial statements of a public interest entity permanently pursuant to paragraph 2(g).
(5) The Audit Oversight Board shall not take any action under subsection (2) without giving the person concerned an opportunity to be heard.
(6) Where the person concerned fails to pay the penalty imposed under paragraph (2)(h), such penalty may be sued for and recovered as a debt due to the Commission.
(7) Any monies obtained from the penalty imposed under paragraph (2)(h), shall be utilised to plan and implement capacity building programmes relating to the accounting and auditing profession.
(8) Where on an application by the Commission, it appears to the court that the person who has committed a breach under subsection (1) has failed to comply with any action taken by the Audit Oversight Board under subsection (2) or (3), the court may make an order directing such person to comply with such direction, requirement or terms of undertaking issued by the Audit Oversight Board.
(9) Nothing in this section shall preclude the Commission or any other relevant authorities from taking any other action which they may take under their respective written laws or by-laws.
[Ins. Act A1369:s.4]
DIVISION 8
General
31ZA. Power of Minister to amend Schedule
The Minister may, by order published in the Gazette, amend any of the Schedules in this Act.
[Ins. Act A1369:s.4]
31ZB. Appeal
(1) Any person who is aggrieved by the decision of the Audit Oversight Board under subsection 31P(1), section 31Q or subsection 31Z(2) may appeal in writing to the Commission within thirty days from the date on which such person is notified of the decision of the Audit Oversight Board.
(2) The Commission shall determine its own procedures in hearing an appeal under this Part.
(3) For the purposes of an appeal under this Part, the Commission may—
(a) affirm the determination of the Audit Oversight Board;
(b) set aside the determination of the Audit Oversight Board; or
(c) substitute for the determination of the Audit Oversight Board its own determination.
(4) The Commission shall decide on an appeal within a period of three months from the date the appeal is made.
(5) Where there is an appeal against the decision of the Audit Oversight Board under this section, the decision of the Audit Oversight Board under subsection 31P(1), section 31Q or subsection 31Z(2) shall not take effect until the appeal is disposed of.
[Ins. Act A1369:s.4]
31ZC. Duty to report to relevant authorities
Notwithstanding section 148, the Audit Oversight Board shall report to the relevant authorities if it becomes aware of any breach of any law or code of conduct which is administered by the relevant authorities.
[Ins. Act A1369:s.4]
31ZD. Cooperation and coordination
(1) For the purposes of promoting confidence in the quality and reliability of audited financial statements, the Commission may—
(a) enter into arrangements to cooperate with relevant authorities or relevant foreign authorities; and
(b) obtain any information or document from or share the same with any relevant authorities or relevant foreign authorities if the Commission considers it necessary to do so.
(2) In this section, ―relevant foreign authorities‖ means foreign authorities which exercise the functions corresponding to the Audit Oversight Board as referred to in section 31B.‖.
[Ins. Act A1369:s.4]
(END OF SECTION 31)
PART IV
ISSUES OF SECURITIES AND TAKE-OVERS AND MERGERS DIVISION 1
PROPOSALS IN RELATION TO SECURITIES
Audit Oversight Board Sleight of Hand Part 3 will follow.............
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