Technical Update
Jan 2008
The Malaysian Capital Markets and Services Act 2007 (CMSA), which came into force on 28 September 2007, aims to strengthen the capital market regulatory framework, improve business efficiency and enhance investor protection. The CMSA, passed by Parliament in May 2007, consolidates the Securities Industry Act 1983, the Futures Industry Act 1993 and Part IV of the Securities Commission Act 1993, which deals with fund-raising activities. The CMSA is supported by the Capital Markets and Services Regulations 2007, the Licensing Handbook and the Guidelines on Regulation of Markets. All of these documents come into effect concurrently with the CMSA.
A key CMSA measure benefiting capital market intermediaries is the introduction of the single licensing regime. Under this measure, intermediaries hold a Capital Markets and Services Licence as opposed to multiple separate licences, which effectively reduces administrative and compliance costs, and ultimately saves time. The Licensing Handbook explains the implementation of the single licensing regime.
In November 2007, the Malaysian Institute of Accountants (MIA) issued the following revised auditing standards:
- ISA 230 (Revised), Audit Documentation
- ISA 700 (Revised), The Independent Auditor's Report on a Complete Set of General Purpose Financial Statements, and the Related Conforming Amendments to Other ISAs.
ISA 230 (Revised) will be effective for the audit of financial statements for periods beginning on or after 1 January 2008, and ISA 700 (Revised) and ISA 701 will be effective for audit reports issued on or after 1 July 2008. These revised standards will supersede the existing ISA 230 and ISA 700 respectively once they become effective.
In addition to the above, MIA also issued 15 exposure drafts for public consultation. These exposure drafts (revision or redrafting of existing standards) are drawn primarily from IFAC's International Standards on Auditing issues. At the same time, the following existing practice statements were withdrawn with immediate effect.
- IAPS 1001, IT Environments - Stand Alone Computers
- IAPS 1002, IT Environments - Online Computer Systems
- IAPS 1003, IT Environments - Database Systems
- IAPS 1009, Computer Assisted Audit Techniques.
The Malaysian Capital Markets and Services Act 2007 (CMSA), which came into force on 28 September 2007, aims to strengthen the capital market regulatory framework, improve business efficiency and enhance investor protection. The CMSA, passed by Parliament in May 2007, consolidates the Securities Industry Act 1983, the Futures Industry Act 1993 and Part IV of the Securities Commission Act 1993, which deals with fund-raising activities. The CMSA is supported by the Capital Markets and Services Regulations 2007, the Licensing Handbook and the Guidelines on Regulation of Markets. All of these documents come into effect concurrently with the CMSA.
A key CMSA measure benefiting capital market intermediaries is the introduction of the single licensing regime. Under this measure, intermediaries hold a Capital Markets and Services Licence as opposed to multiple separate licences, which effectively reduces administrative and compliance costs, and ultimately saves time. The Licensing Handbook explains the implementation of the single licensing regime.
In November 2007, the Malaysian Institute of Accountants (MIA) issued the following revised auditing standards:
- ISA 230 (Revised), Audit Documentation
- ISA 700 (Revised), The Independent Auditor's Report on a Complete Set of General Purpose Financial Statements, and the Related Conforming Amendments to Other ISAs.
ISA 230 (Revised) will be effective for the audit of financial statements for periods beginning on or after 1 January 2008, and ISA 700 (Revised) and ISA 701 will be effective for audit reports issued on or after 1 July 2008. These revised standards will supersede the existing ISA 230 and ISA 700 respectively once they become effective.
In addition to the above, MIA also issued 15 exposure drafts for public consultation. These exposure drafts (revision or redrafting of existing standards) are drawn primarily from IFAC's International Standards on Auditing issues. At the same time, the following existing practice statements were withdrawn with immediate effect.
- IAPS 1001, IT Environments - Stand Alone Computers
- IAPS 1002, IT Environments - Online Computer Systems
- IAPS 1003, IT Environments - Database Systems
- IAPS 1009, Computer Assisted Audit Techniques.
posted by Toyers at
9:14 AM
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