PwC Audit Oversight Board - Implications for Public Interest Entities 3 August 2010 Loh Lay Choon.

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Presentation transcript:

PwC Audit Oversight Board - Implications for Public Interest Entities 3 August 2010 Loh Lay Choon

PricewaterhouseCoopers August 2010 Agenda Introduction Implications

PricewaterhouseCoopers August 2010 Introduction Existing practice – review conducted by SC / Bursa / MICPA / MIA AOB review process: -Firm review -Engagement review

PricewaterhouseCoopers August 2010 Implications Registration of audit firms as PIE auditors Auditing standards have the force of law - Revised ISAs effective 1 Jan Auditing standards in M’sia now on par with international standards - Higher cost of compliance Work of PIE auditors subject to oversight by AOB - AOB’s power to sanction outlined in Section 31Z of Part IIIA, including: -direct the person to comply -reprimand -take remedial action -require relevant professional education to be undertaken -assign a reviewer to oversee audit undertaken -prohibit acceptance of PIE as audit client for period <12 mths -prohibit from auditing a PIE permanently -impose penalty not exceeding RM500k

PricewaterhouseCoopers August 2010 Implications Reporting to AOB within 3 working days of the following: -Appointment of receiver or manager in respect of the assets of the PIE -PIE entering into a compromise or arrangement with creditors of members -PIE with a petition presented in a court for its winding up -PIE that is subjected to any form of disciplinary proceeding or action by any regulatory body whether in or outside Malaysia Sharing of information amongst regulators

PricewaterhouseCoopers August 2010 Implications Commercial implication - may potentially affect commercial arrangement between the audit firm and their clients, depending on how outcome of AOB inspection will be shared. Legal consideration - consent letter obtained from audit client?

PricewaterhouseCoopers August 2010 Implications Legislation affecting Directors and Officers of issuers (1 April 2010): -Introduction of a new section 320A that prohibits any person from influencing, coercing, misleading or authorising any person engaged in the preparation or in the audit of the financial statements of a listed corporation or any of its related corporations to cause the financial statements or audited financial statements to be false or misleading. (Penalty : Imprisonment <10 years and fine <RM10 million) -Amendment to Section 368(1) to prohibit the falsification of accounting records of a listed corporation and its related corporations. (Penalty : Imprisonment <10 years and/or fine <RM1 million) -Amendment to section 371 to enable the SC to take action against a person who destroys, conceals, mutilates or alters the accounting records of a listed corporation or its related corporations. (Penalty : Imprisonment <10 years and/or fine <RM10 million) -Introduction of new section 317A that empowers the SC to take action against a director or an officer of a listed corporation who causes wrongful loss to a listed corporation or its related corporations to the detriment of the shareholders of a listed corporation and seeks to prevent the assets of a listed corporation from being wrongfully dissipated by those who manage the affairs of such listed corporation. “Wrongful loss” means loss of property by unlawful means to which the person losing is legally entitled. (Penalty : Imprisonment <10 years and fine <RM10 million)

PwC pwc.com 2010 PricewaterhouseCoopers. All rights reserved. "PricewaterhouseCoopers" refers to the individual members of the PricewaterhouseCoopers organisation in Malaysia each of which is a separate legal entity or, as the context requires, other member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity.