The AOB’s oversight activities include the registration and recognition of auditors of public-interest entities (PIEs) and schedule funds.
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 recognises the foreign audit firms and individual auditors of PIEs who are listed in Malaysia but incorporated outside of Malaysia.
In 2024, the AOB processed the new applications for recognition of Ernst & Young LLP (Singapore) and three of the firm’s partners. Currently, the AOB recognises five foreign audit firms from Singapore, Hong Kong and United Kingdom. Collectively, these foreign audit firms audit five foreign incorporated companies, which are listed on Bursa Malaysia.
Registration and Recognition Statistics
As of 31 December 2024, there are a total of 37 audit firms and 377 individual auditors registered with the AOB with another five foreign audit firms and 16 foreign individual auditors being recognised by the AOB.
Table 1 provides the breakdown of the number of PIE and schedule fund clients of these registered and recognised auditors.
Profile of audit firms | No. of audit firms | No. of individual auditors | No. of PIE audit client | % of total PLCs market capitalisation | No. of schedule fund audit clients | % of total NAV |
|---|---|---|---|---|---|---|
| Registered audit firms | ||||||
| Major audit firms | 9 | 247 | 988 | 95.1 | 1,319 | 99.3 |
| Other audit firms | 28 | 130 | 311 | 4.8 | 61 | 0.7 |
| Sub Total | 37 | 377 | 1299 | 99.9 | 1380 | 100 |
| Recognised foreign auditors | 5 | 16 | 5 | 0.1 | - | - |
| TOTAL | 42 | 393 | 1,304 | 100 | 1,380 | 100 |
