The desired outcome of the AOB’s audit oversight activities is for audit firms to deliver consistent quality audits through continuous capacity building and effective audit quality framework. Capacity-building initiatives for the profession have
been an important focus area for the AOB. The AOB utilises the monies collected from the penalty imposed to facilitate
capacity-building initiatives for the accountancy and auditing profession. While the AOB uses its enforcement actions to send a strong signal to the auditors on the importance of upholding audit quality, the AOB is also cognisant of the challenges faced by audit firms in respect of capacity building.
In 2024, a series of workshops were organised for AOB-registered auditors to address the AOB’s common findings noted during the inspection of audit firms and audit engagements.
Recognising the challenges faced by the audit profession in respect of capacity building, these series of workshops aim at strengthening audit quality and furthering the quest to develop competent professional accountants who safeguard the public interest and uphold the profession’s reputation.
These workshops were facilitated by representatives of the Major Audit Firms and covers the key common inspection
findings such as audit sampling, accounting estimates, group audits and root cause analysis. The strength of these workshops are that they not only focus on technical knowledge and also design practical case studies to drive the
implementation of auditing and accounting standards.
There was also an engagement session designed to benefit professional accountants titled ‘Accelerate Your Financial
Reporting Excellence’. This session was intended to share insights on the findings identified by the Financial Statements
Review Committee (FSRC) of MICPA arising from the review of financial statements disclosure requirements of selected
public listed companies in Malaysia.
The insight shared at the session by FSRC aimed at promoting and encouraging high-quality financial reporting.
This session also shared the insights on MFRS 18 ‘Presentation and Disclosure in Financial Statements’ which will come
into effect on 1 January, 2027.
