Page 44 - Inspection Report 2018

DEFINITIONS

Auditor An individual auditor or audit firm who is registered or recognised under
section 31O of the SCMA as a registered auditor or recognised auditor of a PIE
or schedule fund.

Big-Four Audit Firms Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers.

Major Audit Firms Audit firms with more than 10 partners and audit more than 50 PIE clients with
a total market capitalisation of above RM25 billion.

Other Audit Firms Audit firms other than Major Audit Firms.

Other Audit Partners Partners who are not playing the role of engagement partner or EQCR but who
will make key decisions or judgments on significant matters with respect to the
audit of the financial statements on which the firm will express an opinion.

Public-interest entity Entity specified in Part 1 of Schedule 1 of the SCMA:
(a) a PLC or a corporation listed on the stock exchange;
(b) a bank licensed under the Financial Services Act 2013;
(c) an insurer licensed under the Financial Services Act 2013;
(d) a takaful operator licensed under the Islamic Financial Services Act 2013;
(e) an Islamic bank licensed under the Islamic Financial Services Act 2013;
(f) a person prescribed as a prescribed financial institution under section
212 of the Financial Services Act 2013 or a person prescribed as a
prescribed Islamic financial institution under section 223 of the Islamic
Financial Services Act 2013;
(g) a developmental financial institution prescribed under the Development
Financial Institutions Act 2002;
(h) a holder of the Capital Markets Services Licence for the carrying on of
the regulated activities of dealing in securities, dealing in derivatives or
fund management;
(i) an exchange holding company approved under the securities laws;
(j) an exchange approved under the securities laws;
(k) a central depository approved under the securities laws;
(l) a clearing house approved under the securities laws;
(m) a self-regulatory organisation recognised under the securities laws;
(n) a private retirement scheme administrator approved under the
securities laws;
(o) a trade repository approved under the securities laws;
(p) the Capital Market Compensation Fund Corporation; and

AUDIT OVERSIGHT BOARD
42 ANNUAL INSPECTION REPORT 2018

83806_Inside_NEW.indd 42 5/28/19 3:02 PM