Page 11 - AOB 2018 (ENG)

Audit
Oversight
Board
ANNUAL
REPORT
2018

INTRODUCTION

Audit quality is key in safeguarding public trust and strengthening investor confidence in reliable corporate
reporting. One of the vital elements of upholding audit quality is effective audit oversight.

Building on the foundation of its achievements in the past, the AOB remains focused on its mandate to foster
high quality independent auditing in the capital market.

While the AOB continues with its core functions, namely registration and recognition, inspection and
enforcement, it is mindful and attentive to the increasing complexity of the audit industry. Drivers such as
global economic uncertainties, technological disruptions and complexities in developments of global financial
reporting standards are regularly monitored to ensure that the AOB’s focus is current and relevant.

2018 marks the second year of the AOB’s Strategic Plan 2017-2020. In an effort to provide more depth and
breath to the implementation of the strategic initiatives, priority was given to the following strategic themes:

• Reinforcing regulatory expectations;
• Focused and impactful enforcement outcomes; and
• Strengthening the focus on risk-based inspection.
REINFORCING REGULATORY EXPECTATIONS
Highlights of activities in 2018 towards achieving the strategic themes are presented in the following sections.

Diagram 1
The AOB’s Strategic Plan 2017 - 2020

Themes

Reinforcing regulatory expectations

Support the holistic development of the audit profession

Strengthening focus on risk-based inspection

Focused and impactful enforcement outcome

Effective communication and collaboration with stakeholders

PART ONE FOSTERING HIGH QUALITY INDEPENDENT AUDITING IN THE CAPITAL MARKET | 9

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