The responsibility for performing quality audits of financial statements rests with auditors. However, the AOB believes that regular engagements with its various stakeholders and leadership of the audit firms will have a positive effect on enhancing audit quality. Audit quality is achieved in a situation where there is support from, and communication among key stakeholders in the financial reporting ecosystem.
In 2021, the AOB became a member of the International Forum of Independent Audit Regulators’ (IFIAR) Investor and Other Stakeholders Working Group (IOSWG). The IOSWG includes IFIAR Members from Austria, Canada, France, Italy, Japan, Korea, the Netherlands, South Africa, United Kingdom and United States. The objective of the IOSWG is to enhance investor protection and improve audit quality based on suggestions both by investors who are the ultimate beneficiaries of the audit and other stakeholders with interest in audit-related matters.
The AOB continued with its stakeholder engagements and capacity-building initiatives for its registrants in 2021.