"Not enough audit firms to serve Malaysian capital market". [Newspaper] (2021)
Abstract
The formation of the Audit Oversight Board (AOB) has ended up creating a cartel of big accounting firms that have become "too big to fail" as there is not enough others to serve the needs of the Malaysian capital market, industry observers said.
They said in the United Kingdom, its audit regulator the Financial Reporting Council (FRC), the equivalent to Malaysia' AOB, was seeking to break up the oligopoly of the business.The Financial Times reported that the FRC planned to break up the dominance of the largest four accounting firms namely Deloitte, EY, KPMG and PwC.
"The AOB should rightly be questioned about its right to determine the firms to accredit when there is a statutory body, the Malaysian Institute of Accountants (MIA), whose very function is to do that.
| Item Type: | Newspaper |
|---|---|
| Keywords: | Financial Accounting |
| Taxonomy: | By Subject > Business & Management > Economics By Subject > Business & Management > Finance By Subject > Business & Management > Management By Subject > Business & Management > Marketing |
| Local Content Hub: | Subjects > Business & Management |
| Depositing User: | Muhammad Azrul Ayob |
| Date Deposited: | 01 Aug 2021 12:29 |
| Last Modified: | 01 Aug 2021 12:29 |
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