appoint competent officers to perform duties in accordance with this Act. Such ministerial regulations shall come into force upon publication in the Government Gazette.
control system at the firm level and the individual engagement level, the SEC encourages all stakeholders to attain a better understanding and awareness of their roles within the ecosystem, from the
the firm’s audit manual and audit procedures, the lack of understanding in requirement of relevant standards, the lack of competent and skillful personnel, and the inappropriateness of internal
increasing the efficiency of legal enforcement and investor protection and establishing a proactive policy to increase competent auditors in support of potential increase in the number of listed companies
testimony to competent officer - - 1 1 - - - - Failure to comply with the competent officer's order - - - - - - 1 2 Failure to uphold professional standards - - - - - - - - Grand Total 43 80 29 137 111 218 32
, the SEC deems it necessary for the audit firms to be self-reliant, which always starts with an adequate supply of competent audit staff who possess thorough understanding of both accounting and auditing
fund, the Government Pension Fund, provident fund or any other legal entities as specified in the notification of the SEC. 4 “competent official” means any person appointed by the Minister to perform
development of the financial reporting ecosystem; it is our belief that for the financial reporting to be reliable, the stakeholders in the ecosystem should be aware, and have a good understanding, of their
of employees; □ (2) The qualifications to prove that personnel is knowledgeable, competent and experienced suitable for the assigned task and such personnel hasbasic understanding of general laws
would allow them to promptly respond to these new developments. For example, competent auditors who are farsighted and passionate in their learning would be best equipped to adjust to any changes. Hence