KUALA LUMPUR: Malaysia ranks first out of the 12 markets for quality of auditors and audit regulators at the 11th biennial corporate governance assessment by the Asian Corporate Governance Association (ACGA).
Its audit regulators are also the country’s best performing category, followed by the strength of corporate governance rules and adoption of corporate governance practices by the listed companies.
In the latter two categories, Malaysia was ranked second, after Australia.
ACGA which covers 12 Asia Pacific countries including Australia, in its "CG Watch 2023” market rankings report, retained Malaysia’s position at 5th placing, with improvements recorded in six out of the seven assessment categories.
In terms of the regulator category, the Securities Commission of Malaysia (SC) was recognised for among others, effective communication on its enforcement action.
SC chairman Datuk Seri Dr Awang Adek Hussin said this is a positive outcome for Malaysia, especially the leading position across the markets in terms of auditors and audit regulators.
"It is also a strong recognition of the Audit Oversight Board’s role in promoting audit quality. Good corporate governance will remain a priority for the SC and we will continue to act on areas which require reinforcement,” he said in a statement today.
ACGA will be releasing the individual country reports in the coming months, with more details on the assessment observations. - Bernama
