| 17 November 2011 | Circular MF23/2011 |
ALL MEMBER FIRMS
CLARIFICATION IN RESPECT OF CIRCULAR MF21/2011 DATED 19 OCTOBER 2011
It has been observed that certain member firms are seeking clarification in respect of circular MF 21/2011 dated 19 October 2011 issued by the Institute in respect of delivery of the bank confirmation request.
The points raised are in respect of the implementation date and the proper process flow for the delivery of bank confirmation request.
The Institute has since met with representatives from the 23 commercial banks at a dialogue arranged by the Association of Banks in Malaysia (ABM) on 14 November 2011 to clarify on this issue in particular, and to further discuss on how auditors and banks can have a better working relationship moving forward.
In this regard, it was clarified that the list of designated contact persons from the 23 commercial banks is only for the purpose of following-up on overdue responses on bank confirmation requests, and not for the delivery of bank confirmation request at present. Auditors should still send their bank confirmation requests to the address to which previous requests have been addressed, until further notification by the Institute.
The Institute will be having on-going discussions in the near future with the ABM and the banks. The Institute will inform members on the agreed procedures to be followed by auditors when requesting confirmation from the banks on an entity being audited when an agreement has been reached with the ABM and the banks.
Please be guided accordingly.
Thank you.
HO FOONG MOI (MS)
Executive Director
On behalf of the Registrar
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