Consumer Credit Act 2025 · Updated to 31 Dec 2025 · Part V · Licensing and Registration
49. Appointment of auditor by licensed credit provider
Feedback & supportA licensed credit provider, at its own expense, shall annually appoint an auditor to carry out an audit of its credit business.
credit provider
“credit provider” means a person who carries on a credit business where the person— (a) is licensed under Part V of this Act; (b) is permitted to do so under any other written law; (c) is subject to the Hire-Purchase Act 1967; or (d) is subject to the Consumer Protection Act 1999;
The Commission or the Registrar, as the case may be, may within such period as may be specified by the Commission or the Registrar, require an auditor appointed under subsection (1)—
Commission
“Commission” means the Consumer Credit Commission established under section 6;
to enlarge or extend the scope of the audit conducted under subsection (1);
to carry out an examination or establish any procedure in any particular case; or
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to submit to the Commission or the Registrar, as the case may be—
such information as may be required by the Commission or the Registrar, as the case may be, in relation to the audit conducted by the auditor; or
a report on any matters in paragraphs (a) and
.
For the purposes of subparagraph (2)(c)(i), the information required in relation to the audit may include the following:
financial statements of the credit business;
the number of transactions relating to the credit business;
a report as to whether proper records of the transactions in relation to the credit business have been maintained;
and
a report as to whether the licensed credit provider has complied with the provisions of this Act and any other written laws as may be specified by the Commission or the Registrar, as the case may be.
The licensed credit provider shall submit a copy of the audit report duly signed by the auditor to the Commission or the Registrar, as the case may be, not later than three months or such other period, after the end of the financial year of the licensed credit provider as may be specified by the Commission or the Registrar, as the case may be.
Registrar
“Registrar” means the registrar of Islamic credit providers appointed under paragraph 35(2)(a);
Where in the course of the performance of his duties under this section, an auditor appointed under subsection (1) suspects or has knowledge that the licensed credit provider has committed any offence under this Act or any other written laws—
this Act
“this Act” includes any subsidiary legislation, standard or guidelines and notification made under this Act;
the auditor shall immediately report the matter to the Commission or the Registrar, as the case may be; and
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the auditor shall not be liable—
for a breach of a duty of confidentiality between the auditor and the credit provider in respect of any reporting to the Commission or the Registrar, as the case may be, done in good faith under this Act; or
to be sued in any court for defamation in respect of any statement made by the auditor without malice in the discharge of his duties under this
Act.
The remuneration and expenses of the auditor relating to any services under this section shall be borne by the licensed credit provider.
For the purposes of this section, “financial statements”
includes the latest audited annual balance sheet, profit and loss account, and statement setting out the sources of the funds, of a licensed credit provider.
A licensed credit provider who contravenes subsection (1)
or (4) commits an offence and shall, on conviction, be liable to a fine not exceeding five hundred thousand ringgit or to imprisonment for a term not exceeding three years or to both.
An auditor who contravenes subsection (2) or paragraph (5)(a)
commits an offence and shall, on conviction, be liable to a fine not exceeding five hundred thousand ringgit or to imprisonment for a term not exceeding three years or to both.