The Malaysian Institute of Accountants (“MIA”), had in 2010, issued a Recommended Practice Guide 7 (Revised) on the charging of audit fees. This is a replacement to the earlier practice guide issue in 2007. All auditors in Malaysia are required to abide by this practice guide.
Malaysia’s Budget 2011 brought a lot of interesting facts Malaysians would want to look into and read: Particularly on tax issues, public service and allocations for human resources. Find out more about the latest news on Budget 2011 here.
With the recent trend in rising property prices, many people have started investing in properties, mainly residential, for rental and/or capital appreciation. Property investments were previously accessible to the richer and older individuals who have substantial savings, but now, with innovative financing packages offered by banks and developers, buying properties by young adults are made possible.
Recently, Malaysia’s Budget 2010 has created quite a bit of negative reactions within the public, especially the property people. What has caused this reaction?
The nominating committee is responsible to identify, nominate and orientate new directors, both executive and non-executive. The main reason for delegating such responsibility is to ensure recruitment matters relating to directors are addressed in detail, allowing the Board to spend time on strategic matters. It is, however, the Board’s responsibility to appoint a candidate to be a director. Find out more here.
Pursuant to Paragraph 15.10 of the Listing Requirements, all listed companies in Malaysia must have an Audit Committee. This committee will provide the Board of Directors with assurance on the reliability and quality of the financial statements, which certain information shall also be made available to the public.
Stemming from my earlier write up on corporate governance, this article is the second part of the series which looks at the factors and qualities that create good corporate governance and its best practices. For this article, we shall address the area of Board of Directors, since they are the driving force of every organization. Therefore, a strong governance framework needs to be established, and should serve the following objectives:-
Corporate governance is defined as a set of policies and procedures affecting the way a corporation is administered. These policies and procedures are mechanisms required to ensure accountability of certain individuals who have great impact on the organization’s direction and goals.
Every limited company must have a minimum of one Company Secretary, according to Section 139 of the Companies Act, 1965. The appointment of Company Secretary is decided by the directors of the company.
Since a company is a legal entity by itself, its shareholders are required to appoint directors, officers who are entrusted with the power and authority to make decisions for the running of the company and manage the company’s affairs.
