PLCs Delay Submission

March 2008

Several public-listed companies in Malaysia have delayed the submission of their financial results to stock exchange Bursa Malaysia beyond the mandatory timeframes, reported The Edge. Reasons for lateness range from alleged accounting irregularities to shortage of manpower and disasters, such as fire wiping out financial documents. Thanks to increasing compliance with IFRS, the standards and quality of the audit process have become more stringent, leading to the heightened discovery and exposure of accounting irregularities. Recent amendments to the Companies Act 1965, which provide immunity from litigation for auditors who report wrongdoings and impose jail and fines for those who fail to report irregularities in writing, may also have empowered auditors to take action.