Bill for dealing with errant
25/01/2008 The Star
KUALA LUMPUR: The bill to set up the Public Company Accounting Oversight
Board (PCAOB) will be tabled in March, assuming that Parliament has not been
dissolved in preparation for the general election.
Malaysian Institute of Certified Public Accountants (Micpa) president Datuk
Nordin Baharuddin said the target was for the bill to be tabled then but if
Parliament were dissolved, it would be tabled when it next convened.
“The task force set up by the Securities Commission (SC) has been working on
it, they meet up every week,” he said, adding that the draft resolution
would be sent to the Cabinet soon.
Nordin said errant auditors were currently referred to the Malaysian
Institute of Accountants and Micpa, which would then investigate and
discipline its members.
“This has been found not very effective so the new oversight board, when it
comes into being, will have the power to mete out punishment,” he added.
Nordin was speaking to reporters at the sidelines of Micpa's 49th
anniversary commemorative lecture and luncheon on Thursday.
SC chairman Datuk Zarinah Anwar gave the commemorative lecture, which
touched on the need for the board of directors and senior management of
companies to set the tone on integrity.
She also touched on market discipline where market participants must adhere
to high standards of professionalism and, regulatory discipline in which
enforcement of rules and regulations promote good corporate conduct and