These are summarised as follows: - The audit firm must have a minimum of three audit partners in the audit firm to be registered with the AOB for the audits of PIEs and schedule funds.
- The engagement quality control reviews of PIE and schedule fund audits must be carried out by an AOB-registered partner of the same audit firm appointed as the auditor of the PIE or schedule fund.
- The continuing registration of an audit firm with the AOB is subject to the said audit firm having at least one PIE or schedule fund audit client within the last 24 months. Where an audit firm registered with the AOB is not involved in the audit of a PIE or schedule fund for a consecutive period of 24 months, the audit firm shall withdraw its registration immediately. Failing which, the AOB will take the necessary action against the audit firm.
- A person who applies for registration with the AOB must be an audit partner attached only to one audit firm, unless otherwise exempted by the AOB. The audit firm registered with the AOB shall ensure that all its audit partners registered with the AOB are attached to only one audit firm at all times.
These new criteria for registration take effect from 16 August 2018. However, audit firms and individual auditors who were already registered with the AOB as at 16 August 2018 are given up to 1 January 2020 to ensure compliance with the new requirements.
The updated AOB Handbook for Registration and Frequently Asked Questions (FAQs) will be made available on the SC website at www.sc.com.my in due course.
If you have any queries relating to this matter, please contact the AOB office at 03-6204 8900.
AUDIT OVERSIGHT BOARD
