Malaysia legislation
Section 164
Section 164
Financial statements of the self-regulatory organization
(2)
The financial statements shall be audited by an auditor.
(3)
Where, in the course of his audit, the auditor of a self-regulatory organization has reason to believe that—
(a)
there has been a material adverse change in the risks inherent in the business of a self-regulatory organization with the potential to jeopardize the ability of the self-regulatory organization to continue as a going concern;
(b)
the self-regulatory organization may be in contravention of this Act, any regulations made under this Act, any guidelines issued by the Authority or any directions issued by the Authority;
(c)
a financial crime has been, is being or is likely to be committed; or
(d)
serious irregularities have occurred, he shall forthwith report in writing the matter to the Authority.
(4)
Any report made under subsection (3) shall not constitute a breach of the duties of the auditor.
Powers of Authority with respect to self-regulatory organizations