Micpa: Oversight board in progress

  • Business
  • Saturday, 26 Jan 2008

KUALA LUMPUR: The bill to set up the Public Company Accounting Oversight Board (PCAOB) will be tabled in March, provided that Parliament is not dissolved for the anticipated general elections. 

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 the legislature next convened. 

“The task force set up by the Securities Commission (SC) has been working on it, it meet every week,” he said,. 

Speaking on the sidelines of Micpa's 49th anniversary commemorative lecture and luncheon on Thursday, he said 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 their members. “This has been found not very effective so the new oversight board, when it comes into being, will have the power to take appropriate action,” he added. 

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.  

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