Malaysia legislation
Section 41
Section 41
Section 31o of the principal Act is amended—
(a)
in the shoulder note, by substituting for the words
“registration, renewal of registration and recognition as auditor of public interest entity” the words “registration or recognition as an auditor of a public interest entity or schedule fund”;
(b)
in paragraph (1)(a), by deleting the words “or renewal of registration”; and
(c)
by substituting for subsections (3),(4) and (5) the following subsections:
“(3) The Audit Oversight Board may upon the—
(a)
registration of an applicant as a registered auditor;
or
(b)
grant of recognition of an applicant as a recognized auditor, impose such conditions as the Board deems necessary or expedient and from time to time amend any such conditions or impose new or additional conditions.
(4)
The Audit Oversight Board shall serve a written notice to the auditor concerned of the amendment of any conditions imposed under subsection (3), and such conditions as amended or such new or additional conditions shall take effect at the time the notice is served or at such time as specified in the notice, whichever is the later.
(5)
Subject to section 31p, the Audit Oversight
Board may—
(a)
approve or refuse the registration of an applicant as a registered auditor; or
(b)
approve or refuse the grant of recognition of an applicant as a recognized auditor.”.
Amendment of section 31p