The AOB’s key oversight activities such as registration, inspection and enforcement are aimed at promoting high quality audit practices. The AOB encourages that audit firms build capacity and have in place quality framework which enables quality audits to be performed consistently.
The AOB has registered and recognised 41 audit firms and 387 registered and recognised individual auditors.
The Guidelines on Continuing Obligations for Registered Auditors (Guidelines), which set out the obligations that must be adhered to by a registered auditor, was issued in 2023. This is pursuant to section 31E(1)(a) of the Securities Commission Malaysia Act 1993 (SCMA), where the responsibilities of the AOB include implementing policies which contribute to an effective audit oversight system in Malaysia.
The objective of these Guidelines is to strengthen the framework for registered auditors and ensure better monitoring and supervision of the registered auditors.
The AOB conducts inspections on auditors of PIEs and schedule funds to promote high quality audits and reliable audited financial statements.
In-depth information on the inspection programme, including common inspection findings, results of reviews, trends analysis and remediation efforts taken by inspected audit firms will be presented separately in the AOB’s Annual Inspection Report 2023 (AIR).
The AOB’s enforcement actions are focused to achieve high level of compliance among the AOB’s registrants.
Responsibilities
