Past version: Effective from 29 Sep 2011 to 22 Aug 2018
(1) An issuer must appoint a suitable auditing firm to meet its audit obligations, having regard to the adequacy of the resources and experience of the auditing firm and the audit engagement partner assigned to the audit, the firm's other audit engagements, the size and complexity of the listed group being audited, and the number and experience of supervisory and professional staff assigned to the particular audit.
(2) The auditing firm appointed by the issuer must be:
(a) Registered with the Accounting and Corporate Regulatory Authority (“ACRA”);
(b) Registered with and/or regulated by an independent audit oversight body acceptable to the Exchange. Such oversight bodies should be members of the International Forum of Independent Audit Regulators, independent of the accounting profession and directly responsible for the system of recurring inspection of accounting firms or are able to exercise oversight of inspections undertaken by professional bodies; or
(c) Any other auditing firm acceptable by the Exchange.
(3) A change in auditing firm must be specifically approved by shareholders in a general meeting. The notice of meeting must incorporate:
(a) confirmation from the outgoing auditors as to whether they are aware of any professional reasons why the new auditors should not accept appointment as auditors of the issuer, and if so, to provide reasons;
(b) confirmation from the issuer as to whether there were disagreements with the outgoing auditors on accounting treatments within the last 12 months, and if so, to provide details;
(c) confirmation from the issuer as to whether it is aware of any circumstances connected with the change of auditors that should be brought to the attention of the shareholders of the issuer; and
(d) specific reasons for the change of auditors, including whether the outgoing auditors resigned, declined to stand for election or were dismissed.
Amended on 29 September 201129 September 2011.