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Include Left - About MIA - Structure
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Financial Statements Review Committee
Chairman:
Stephen Oong Kee Leong
Members:
Ahmad Zahirudin Abdul Rahim
Asna Atqa Abdullah
Chen
Voon Hann
Cheong Thoong Farn
Raymond Cheong Chye Hin
Khairudin Ibrahim
Stephen Khoo Siong Kee
Lam Kee Soon
Assoc
Prof. Dr Mohamat Sabri Hassan
Ow Peng Li
Sharon Sung
Siew
Kar Wai
Soon Teck Thong
Tan Poh Ling
Tang Seng Choon
Wong
Kay Yong
1. Objectives
The primary objective of the
Financial Statements Review Committee (“FSRC” and “the Committee”) is to monitor
the quality of financial statements and reports that are prepared by or are the
responsibility of members of MIA, for the purpose of determining compliance with
statutory and other requirements, approved accounting standards and approved
auditing standards in Malaysia.
2. Accountability
The Committee will report
to the Council.
3. Scope and Authority
The Committee has
authority, within the scope of its responsibilities, to:
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i) |
review the review findings of the Secretariat on the financial
statements, directors' report and auditor’s report of selected
companies for compliance with statutory and other requirements,
approved accounting standards and approved auditing standards in
Malaysia. |
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ii) |
draw the attention of the member responsible for the preparation
or for reporting on the financial statements to any areas in
which the presentation or content appears to fall short of such
compliance and where the committee is of the view that it
justifies further action; and to discuss the replies from such
member. |
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iii) |
refer to the Investigation Committee of MIA and/or other
regulatory bodies for appropriate action where the Committee is
of the view that deliberations arising from matters above
justify further action; |
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iv) |
review on matters relating to interim financial information and
financial statements referred to the Committee by the
Investigation Committee of MIA and/or other regulatory bodies
and recommend further action; |
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v) |
provide technical advice to the Secretariat on their review of
financial information and/or financial statements of any
enterprises on matters of public interest and recommend further
action; |
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vi) |
highlight to the relevant Committees of MIA, or other relevant
bodies on issues of inconsistencies or uncertainties with
respect to financial reporting; and |
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vii) |
support the efforts of the Institute in providing guidance to
members of MIA on good financial reporting based on common
findings during the review process. |
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4. Term of Office
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a) Composition |
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i) |
The composition of the Committee shall be determined by the
Council. |
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ii) |
The Committee consists of not less than 2 Council members. |
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b) Quorum |
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The quorum for the Committee meetings shall be 5 members
including 1 Council Member. The Chairman may, at his discretion,
request for attendance of another Council Member to make up the
quorum when deemed necessary. |
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c) Meetings |
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i) |
The Committee shall meet at least 7 times in any financial year
of the Institute; |
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The meeting can be conducted in person or via teleconference; |
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In the absence of the Chairman, the vice chairman will convene
the meeting provided that there is a quorum; |
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The Committee may invite such other person to its meetings, as
it deems necessary; |
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v) |
The proceedings of all meetings shall be minuted; |
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vi) |
The secretary of the FSRC will be a staff in the FSRD of MIA. |
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