Compliance of Audit Committee Requirements: A Review of the Practices of Companies Listed on the Klse

27 Pages Posted: 30 Nov 2005

See all articles by Zulkarnain Muhamad Sori

Zulkarnain Muhamad Sori

INCEIF, The Global University of Islamic Finance

Mohd Rosnizam Deris

affiliation not provided to SSRN

Siti Shaharatulfazzah Mohd Saad

Independent

Date Written: January 1, 2005

Abstract

In support of the newly implement disclosure based corporate environment and good corporate governance, the Malaysian government has made it compulsory for all listed firms to form audit committees. With the view of enhancing the capability of audit committees to better achieve their objectives and promote better corporate governance, transparency, efficiency in capital market activities, and to strengthen investor protection and confidence, the KLSE Listing Requirements were recently revised and set a foundation for a sound accounting and financial reporting system, and preparation of high quality financial statements for stakeholders. Therefore, this paper discusses the characteristics of the audit committees of main and second board, and MESDAQ companies, with respect to compliance with the recent amended listing requirements. The discussion focuses on the aspects of composition, independence, chairperson and reporting of the committee in company's annual report.

Keywords: Audit committee, compliance, corporate governance, listing requirements and financial reporting.

JEL Classification: M40

Suggested Citation

Muhamad Sori, Zulkarnain and Deris, Mohd Rosnizam and Mohd Saad, Siti Shaharatulfazzah, Compliance of Audit Committee Requirements: A Review of the Practices of Companies Listed on the Klse (January 1, 2005). Available at SSRN: https://ssrn.com/abstract=855804 or http://dx.doi.org/10.2139/ssrn.855804

Zulkarnain Muhamad Sori (Contact Author)

INCEIF, The Global University of Islamic Finance ( email )

Lorong Universiti A
Kuala Lumpur, Kuala Lumpur 59100
Malaysia
+60376514173 (Phone)
8 (Fax)

HOME PAGE: http://www.inceif.org/

Mohd Rosnizam Deris

affiliation not provided to SSRN ( email )

No Address Available

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