In 2024, the AOB processed 29 applications for the registration of individual auditors of which one application was refused due to failure to meet the registration criteria imposed under Section 31P of the Securities Commission Malaysia Act 1993.
During the year, 26 individual auditors withdrew their registration with the AOB as they were no longer involved in the audits of PIEs and schedule funds.
The AOB conducts inspections on auditors of PIEs and schedule funds to promote confidence in the quality and reliability of the audited financial statements in accordance with Section 31V(1) of Part IIIA of the SCMA.
Annual inspections are conducted on the Major Audit Firms* while the Other Audit Firms are inspected at least once in five years, based on risk consideration.
Over the years, the AOB’s enforcement actions have set the regulatory expectations of auditors and sent a strong signal on the importance of upholding audit quality.
The AOB has always been objective and impartial in carrying out its enforcement function. Registered audit firms are treated equally, regardless of their size or network affiliations. audit firms.
