Malaysia legislation
Section 9
Section 9
(1)
Subject to subsection (2), every licensed housing developer shall every year or as often as the need arises appoint a firm of registered auditors to be auditors; and where a licensed housing developer fails to make the appointment or fails to appoint another firm of registered auditors in place of such a firm which have wound up or dissolved or whose appointment has been terminated, the Minister may appoint any firm of registered auditors which in his opinion are fit and proper to be auditors for the licensed housing developer in question and fix remunerations which shall be paid to the auditors so appointed and such remunerations shall be paid by the licensed housing developer for whom the auditors are so appointed.
(2)
The auditors of a licensed housing developer shall make a report to the Controller as to the annual balance sheet and profit and loss accounts of the licensed housing developer for whom the auditors are appointed and shall state in every such report whether or not in their opinion —
(a)
the balance sheet and the profit and loss accounts are properly drawn up and so as to give a true and fair account of the state of the licensed housing developer’s affairs;
(b)
the accounting and the records examined by them are properly kept; and
(c)
if the auditors have called for an explanation or information from the officers or agents of the licensed housing developer, such explanation or information has been satisfactory.
(3)
The auditors of a licensed housing developer shall have a right of access at all times to the accounting and other records of the licensed housing developer and shall be
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entitled to require such information and explanation as they desire for the purpose of audit from the officers of the licensed housing developer or from any other person who is in possession of the information or who could give the information or explanation.
(4)
In addition to the duties and powers under this section, the auditors of a licensed housing developer may also exercise the powers and perform the duties conferred or imposed upon the Controller and Inspectors under section 10 relating to the investigation into the affairs of a licensed housing developer or his accounting or other records and must report to the
Controller their findings.