PETALING JAYA: The Securities Commission (SC) yesterday named the executive chairman and six non-executive members of the Audit Oversight Board (AOB), whose appointments are effective immediately.
Established pursuant to the recently gazetted SC Amendment Act, the AOB commenced operations yesterday and has the role to oversee the auditors of public interest entities (PIEs) to protect investors’ interests and promote confidence in the quality and reliability of audited financial statements of PIEs.
AOB chairman Nik Mohd Hasyudeen Yusoff has 23 years of industry experience and international exposure in financial reporting and auditing, the SC said in a statement yesterday.
Prior to joining AOB, he was chief executive officer and thought leader of Inovastra Sdn Bhd, a strategic business advisory practice based in Kuala Lumpur.
He was also vice-president of the Asean Federation of Accountants and member of CPA Australia’s Public Practice Advisory Committee, former president of the Malaysian Institute of Accountants (MIA) and had served on the Malaysian Accounting Standards Board.
He was also a member of the board and strategy committee of the Confederation of Asian and Pacific Accountants, and a member of the Professional Development Panel of the International Centre for Education in Islamic Finance.
Currently Nik Hasyudeen sits on the advisory boards of Universiti Sains Malaysia’s Graduate School of Business and the Faculty of Business and Accountancy in Universiti Malaya.
“I’m very honoured to be appointed by SC as the first AOB chairman,” he told StarBiz.
He said the AOB was helmed by a team of professionals appointed by SC because of their credentials, maturity and vast experience in various fields.
“The SC has entrusted us with an important role to create greater trasparency in financial reporting of PIEs and professionalism in auditing in the development of a stronger capital market,” he said.
The six non-executive AOB members are:
lFinancial Reporting Foundation chairman Datuk Ali Abdul Kadir;
·Bank Negara assistant governor Nor Shamsiah Mohd Yunus;
·SC executive director (strategy and development) Goh Ching Yin;
·Companies Commission of Malaysia chief excutive officer Datuk Azmi Ariffin;
·Cheong Kee Fong & Co partner Cheong Kee Fong; and
·Teak Capital Sdn Bhd managing director Chok Kwee Bee.
Established under the Securities Act 1993, the SC is the sole regulatory agency for the regulation and development of the capital markets and reports to the Finance Minister.
The SC also has direct responsibility to supervise and monitor activites of the market institutions, including the exchanges and clearing houses as well as regulating all persons licensed under the Capital Markets & Services Act 2007.
Commenting on Nik Hasyudeen’s appointment, Deloitte Malaysia chief executive officer and country managing partner Tan Theng Hooi said he was the ideal person to be AOB chairman as he had the wealth of accounting and auditing experience to lead the team.
“I can’t think of a better candidate to be chairman of AOB,” he said, adding that being the past president of MIA, Nik Hasyudeen was more than qualified to helm the post.
Tan also said the formation of the AOB was a significant milestone as it would help raise the bar on transparency, especially in the monitoring of the auditing profession, which would create greater investor confidence in Malaysia’s capital market.
A copy of the AOB handbook for registration and application forms are available for download from www.sc.com.my. A set of frequently asked questions on AOB is also available on the website.