European Commission Recognised SC’s Audit Oversight Board Requirements

4 August 2016| Kuala Lumpur

The European Commission has recognised the Audit Oversight Board (AOB)’s requirements as comparable to that complied by its European Union counterparts for the purpose of transferring audit working papers and other related documents of inspection and investigation. This will facilitate effective co-operation and mutual reliance on each other’s oversight systems.

This recognition underscores the European Commission’s earlier acknowledgment that Malaysia’s audit framework is at par with international best practices, with its rules pertaining to public oversight, quality assurance, investigation and penalty systems for auditors and audit equivalent to that of its European counterparts.

With this recognition, the AOB is now able to establish bilateral agreements with audit oversight authorities of European Union member states, deepening working relationships and contributing to the shared vision of the AOB and European Union audit oversight regulators in enhancing audit quality.

This assessment was carried out by the European Commission with the assistance of the European Group of Auditors’ Oversight Bodies.

Established in 2010 by the Securities Commission Malaysia, AOB oversees the auditors of public interest entities (PIEs) and schedule funds, protect investors’ interest and promote confidence in the quality and reliability of the audited financial statements of PIEs and schedule funds.

AUDIT OVERSIGHT BOARD