Audit Oversight Board (AOB) Malaysia scandal, who’s responsible?

ARCHIVES 2010

By admin-s On Dec 17, 2010

How was the firm of PricewaterhouseCoopers (PwC) and Mr Cho Choo Meng of that same firm, registered by the AOB on the 1st of April, under Section 31s (1) SCA,when the board members themselves were only appointed on that very same day?

By Zarinah Paycut

Quis custodiet ipsos custodes? Who will guard the guardians?

There are seven members of the Audit Oversight Board (AOB), appointed by the Securities Commission (SC). And this is no ‘lightweight’ board. These are the board members:

Nik Mohd Hasyudeen Yusoff, Executive Chairman of the Audit Oversight Board, who prior to joining the AOB was also vice-president of the Asean Federation of Accountants and member of CPA Australia’s Public Practice Advisory Committee, former president of the Malaysian Institute of Accountants (MIA) and had served on the Malaysian Accounting Standards Board.

Datuk Ali Abdul Kadir, Chairman of the Financial Reporting Foundation.

Dato’ Azmi Ariffin, Chief Executive Officer of the Companies Commission Malaysia.

Goh Ching Yin, Executive Director of the Securities Commission Malaysia.

Nor Shamsiah Mohd Yunus, Deputy Governor of the Central Bank of Malaysia.

Cheong Kee Fong, Advocate and Solicitor of Cheong Kee Fong & Co.

Chok Kwee Bee, Managing Director of Teak Capital Sdn Bhd.

Ladies and gentlemen, your appointment was announced on the 1st of April 2010, effective immediately from that date, by the SC. (The Star, Friday April 2, 2010)

We now ask you a series of questions with regards to what transpired under your watch on the 1st of April 2010.

1. How was the firm of PricewaterhouseCoopers (PwC) and Mr Cho Choo Meng of that same firm, registered by the AOB on the 1st of April, under Section 31s (1) SCA,when the board members themselves were only appointed on that very same day?