acts as the oversight body, is overseen by an independent body. Such an auditor oversight body must operate in the public interest, and have an appropriate membership, an adequate charter of
DODD-FRANK ACT • Financial crisis revealed behemoth players in financial industry were not overseen by any regulatory authority • Dodd-Frank mandated additional SEC oversight on PE and HF firms JUNE 22
standards should be overseen by bodies independent of the pro- fession. Recommendations: Asian Roundtable economies should work towards convergence with high quality internationally recognised standards and
the correctness, completeness and trustworthiness of the financial reports of the company. Opinions concerning the adequacy of the company’s internal control system. Opinions concerning the
prohibited characteristics: (1) having deficiency in legal competency, being subject to legal action under the law governing supervision of capital market, or lacking trustworthiness as specified as prohibited
governing supervision of capital market, or lacking trustworthiness as specified as prohibited characteristic in Group 1 under Clause 29; (2) having a record of legally proceeding against or being punished
or insurance business. This collects assets and manages them on behalf of beneficiaries or clients; its obligation is to preserve and enhance value on their behalf. It is usually overseen by some form
prohibited characteristics: (1) having deficiency in legal competency, being subject to legal action under the law governing supervision of capital market, or lacking trustworthiness as specified as prohibited
enhance the trustworthiness as well as increase confidence to business partners, investors, and distributors for future business expansion. 4.3 As the Company will be the sole operator for undertaking the
incurred is monetary (loss of benefits that should have been gained or increase of cost or expense, for instance) or non-monetary (adverse impact to market or business trustworthiness; (3) other relevant