No Result
View All Result
  • Login
  • Register
Business & Technology
SUBSCRIBE
  • .
  • Thought Leadership
  • Conversations
  • International Voices
  • News
  • Wealth
  • Digital Transformation
  • Lifestyle
  • Videos
  • Podcasts
  • .
  • Thought Leadership
  • Conversations
  • International Voices
  • News
  • Wealth
  • Digital Transformation
  • Lifestyle
  • Videos
  • Podcasts
No Result
View All Result
Biztech Asia
Home News

SC’s AOB says auditors need to increase vigilance and responsiveness to emerging issues in time

by editorial
19/08/20
in News
2 min read
0

The Securities Commission (SC)’s Audit Oversight Board (AOB) has issued its Annual Inspection Report for 2019, and urged auditors and Audit Committees to pay particular attention when discharging their responsibilities in response to the pandemic, in order to consistently uphold audit quality. These areas include going concern, asset impairment, subsequent events and group audits.

In a statement, AOB’s Chairman, Gumuri Hussain said as the audit regulator, the AOB is of the view that reliable audited financial statements remain the cornerstone of a trusted capital market.

“There is an even greater imperative for audit professionals to be cautious and highly sceptical when scrutinising disclosures and information relating to the effects of the Covid-19 pandemic, particularly with regard to public interest entities,” Gumuri added.

The AOB Annual Inspection Report 2019 provides insights into the observations arising from the inspections conducted by the audit regulator. A total of 43 firms and 337 auditors are currently registered with or recognised by the AOB.

In 2019, the AOB inspected six Major Audit Firms and seven Other Audit Firms, which collectively audited 72.6 percent of the total number of public interest entities (PIEs).

Through its inspections, the AOB noted that the performance of Major Audit Firms has been relatively consistent over the last few years.

However, the AOB is concerned that a marked difference was noted in the audit quality of Other Audit Firms, where 50 percent of the engagements inspected under Other Audit Firms require significant improvements.

For greater transparency, stronger accountability and the sustainability of audit, the AOB starting in 2021 will be mandating Annual Transparency Reporting by firms with more than 50 PIE audit clients, when they audit clients with collectively more than RM10 billion market capitalisation over two consecutive financial years. Such firms are required to disclose their legal and governance structures, the steps undertaken to uphold audit quality, and their measurement of indicators for audit quality.

The AOB introduced this initiative in August 2019, but deferred implementation to 2021, in view of the Covid-19 pandemic.

The AOB has distributed the Annual Inspection Report 2019 to audit firms and PLCs in order to deepen directors’ and Audit Committees’ understanding of the findings arising from the AOB’s inspections and to facilitate discussions between PIEs and their respective auditors, to ensure that risk areas specific to their entities are adequately addressed.

Previous Post

Boost collaborates with Putrajaya to roll out MSMEs E-commerce Campaign

Next Post

South Africa Is Open For Business

editorial

editorial

Related Posts

Business and technology quick bites
News

Business and technology quick bites

Dude, Where’s My Toys?
News

Dude, Where’s My Toys?

Equity and Oil market analysis: Stocks lower as bond market vigilantes return
News

Equity and Oil market analysis: Stocks lower as bond market vigilantes return

Business and technology quick bites
News

Business and technology quick bites

CREST spearheads an inclusive collaboration network for disruptive innovation in Health & Wellness
News

CREST spearheads an inclusive collaboration network for disruptive innovation in Health & Wellness

Can we automate our way out of the savings crisis?
News

The Noise Continues

Next Post
South Africa Is Open For Business

South Africa Is Open For Business

Cyberview appoints Chief Secretary to the Government as new chairman

Cyberview appoints Chief Secretary to the Government as new chairman

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Recommended Stories

NTT recognised at the Frost & Sullivan 2020 Asia Pacific Best Practices Awards

NTT recognised at the Frost & Sullivan 2020 Asia Pacific Best Practices Awards

Acute Stroke 101: Causes, treatment and prevention

Acute Stroke 101: Causes, treatment and prevention

Covid 19: Healthcare access consideration for non-citizen vulnerable groups

Covid 19: Healthcare access consideration for non-citizen vulnerable groups

Popular Stories

  • Economic recovery: an elusive thought?

    Economic recovery: an elusive thought?

    0 shares
    Share 0 Tweet 0
  • Cannibalising your business can be profitable

    0 shares
    Share 0 Tweet 0
  • Sexual fulfillment builds confidence and well-being

    0 shares
    Share 0 Tweet 0
  • Tech Stocks – Ant gets stomped on but REITS offer stability amid volatility

    0 shares
    Share 0 Tweet 0
  • Singapore REITS and China tech stocks – Which should you buy?

    0 shares
    Share 0 Tweet 0

About Us

A Business and Technology digital publication that engages business leaders in business and technology conversations to help everyone pivot, adapt, and thrive in these turbulent times.

LEARN MORE »

Contact Us

Phone: 016-2011 050

Email: editor@biztech.asia

Address:
Level 18, Boutique Office 1 (B01-C)
Menara 2, No. 3, Jalan Bangsar,
KL Eco City, 59200, Kuala Lumpur.

Email Newsletter

Loading

© 2020 Business & Technology - made possible by Milestones Digital.

No Result
View All Result
  • Home
  • Thought Leadership
  • Conversations
  • International Voices
  • News
  • Wealth
  • Digital Transformation
  • Lifestyle
  • Videos
  • Podcasts
  • Login
  • Sign Up

© 2020 Business & Technology - made possible by Milestones Digital.

Welcome Back!

Sign In with Facebook
Sign In with Google
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
Sign Up with Google
OR

Fill the forms bellow to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

will use the information you provide on this form to be in touch with you and to provide updates and marketing.