The setting-up of the Malaysian Audit Oversight Board （AOB） in 2010 under the Securities Commission Amendment Act 2010 has extended the role of regulators into the statutory audit domain for public listed companies....The setting-up of the Malaysian Audit Oversight Board （AOB） in 2010 under the Securities Commission Amendment Act 2010 has extended the role of regulators into the statutory audit domain for public listed companies. Although the auditing profession in Malaysia has International Auditing Standards as prescribed minimum level of quality in the delivery of audit assurance services, self-regulation by the profession alone appears inadequate to ensure the delivery of quality audit services. With co-regulation, auditors now are monitored not just by the profession but also by a new statutory body with considerable regulatory powers to sanction auditors where quality of the audit process has been found wanting. This study solicits the opinions of auditors on their expectations of what the new regulator can achieve. Based on interviews with a sample of 30 auditors, the study finds that the majority believe that audit quality will be taken to a new level following AOB＇s remit of registration of auditors, compliance inspection with International Standard on Quality Control （ISQC）, monitoring of financial statement quality, and its power of sanctions. A review of AOB＇s early years＇ inspection confirms these expectations.展开更多
China＇s supervisory mechanism is peculiar in that it integrated the supervisory board （SB） of the German corporate governance （CG） model in 1993, and has simultaneously adopted the audit committee （AC） of the A...China＇s supervisory mechanism is peculiar in that it integrated the supervisory board （SB） of the German corporate governance （CG） model in 1993, and has simultaneously adopted the audit committee （AC） of the Anglo-American model since 2002. This paper aims to reveal the effectiveness of SBs in coordination with ACs in China. The regulations for Anglo-American and Chinese systems are compared and further evidence is provided through interviewing two governors of all listed companies in the SSE and of 79 investment corporations in Hangzhou. Both statements indicate that China still faces difficulties and problems in meeting the two indexes of independence and expertise of supervision to give effective supervisory functions. Both opinions differed in terms of the co-ordination of SBs and ACs in the future. The evidence presented forms a basis for proposals of how key characteristics of effectiveness and co-ordination can be improved to make supervisory functions in China more effective.展开更多
In order to address the plight of rural financing, the 2007 China Banking Regulatory Commission, China＇s State Council started rural banks in provinces, towns and villages. There are so many problems faced by rural b...In order to address the plight of rural financing, the 2007 China Banking Regulatory Commission, China＇s State Council started rural banks in provinces, towns and villages. There are so many problems faced by rural banks. The most pressing issue is the sustainability of targeting deviate due to restraints, shortage of funds, and loan risks. In order to effectively address these issues, this paper presents some solutions展开更多
NEWLY APPOINTED SOE SUPERVISORXiao Yaqing was appointed head of the State-owned Assets Supervision and Administration Commission of the State Council(SASAC)on February 1.Before the appointment,he worked as deputy secr...NEWLY APPOINTED SOE SUPERVISORXiao Yaqing was appointed head of the State-owned Assets Supervision and Administration Commission of the State Council(SASAC)on February 1.Before the appointment,he worked as deputy secretary general of the State Council.展开更多
文摘The setting-up of the Malaysian Audit Oversight Board （AOB） in 2010 under the Securities Commission Amendment Act 2010 has extended the role of regulators into the statutory audit domain for public listed companies. Although the auditing profession in Malaysia has International Auditing Standards as prescribed minimum level of quality in the delivery of audit assurance services, self-regulation by the profession alone appears inadequate to ensure the delivery of quality audit services. With co-regulation, auditors now are monitored not just by the profession but also by a new statutory body with considerable regulatory powers to sanction auditors where quality of the audit process has been found wanting. This study solicits the opinions of auditors on their expectations of what the new regulator can achieve. Based on interviews with a sample of 30 auditors, the study finds that the majority believe that audit quality will be taken to a new level following AOB＇s remit of registration of auditors, compliance inspection with International Standard on Quality Control （ISQC）, monitoring of financial statement quality, and its power of sanctions. A review of AOB＇s early years＇ inspection confirms these expectations.
文摘China＇s supervisory mechanism is peculiar in that it integrated the supervisory board （SB） of the German corporate governance （CG） model in 1993, and has simultaneously adopted the audit committee （AC） of the Anglo-American model since 2002. This paper aims to reveal the effectiveness of SBs in coordination with ACs in China. The regulations for Anglo-American and Chinese systems are compared and further evidence is provided through interviewing two governors of all listed companies in the SSE and of 79 investment corporations in Hangzhou. Both statements indicate that China still faces difficulties and problems in meeting the two indexes of independence and expertise of supervision to give effective supervisory functions. Both opinions differed in terms of the co-ordination of SBs and ACs in the future. The evidence presented forms a basis for proposals of how key characteristics of effectiveness and co-ordination can be improved to make supervisory functions in China more effective.
文摘In order to address the plight of rural financing, the 2007 China Banking Regulatory Commission, China＇s State Council started rural banks in provinces, towns and villages. There are so many problems faced by rural banks. The most pressing issue is the sustainability of targeting deviate due to restraints, shortage of funds, and loan risks. In order to effectively address these issues, this paper presents some solutions
文摘NEWLY APPOINTED SOE SUPERVISORXiao Yaqing was appointed head of the State-owned Assets Supervision and Administration Commission of the State Council(SASAC)on February 1.Before the appointment,he worked as deputy secretary general of the State Council.
