Malaysia legislation
Section 14
Section 14
Section 31p of the principal Act is amended—
(a)
in the shoulder note, by substituting for the words
“register or renew registration” the words “register, renew registration or grant recognition”;
(b)
in subsection (1)−
(i)
by substituting for the words “an auditor” the words
“a registered auditor”; and
(ii)
by substituting for the words “the auditor” the words
“the registered auditor”;
(c)
by inserting after subsection (1) the following subsection:
“(1a) The Audit Oversight Board may refuse to recognise an applicant as a recognised auditor if the Audit
Oversight Board is satisfied that the applicant—
(a)
falls within paragraph (1)(b), (c), (d) or (f);
(b)
has been subject to any sanction imposed by any relevant foreign authority;
(c)
has not been approved by a relevant foreign authority to prepare audited financial statements; or
(d)
is not supervised by a relevant foreign authority.”;
(d)
by substituting for subsection (2) the following subsection:
“(2) Where the Audit Oversight Board refuses—
(a)
the registration of an applicant as a registered auditor;
(b)
the renewal of registration of a registered auditor; or
(c)
to grant recognition of an applicant as a recognised auditor, the Audit Oversight Board shall give the applicant or the registered auditor an opportunity to be heard by serving a written notice on the applicant or the registered auditor stating the grounds for such refusal.”; and
(e)
by deleting subsection (3).
Amendment of section 31q