Page 9 - AOB 2018 (ENG)

Audit
Oversight
Board
ANNUAL
REPORT
2018

providing assurance on the reliability of financial play their respective roles in enhancing the quality
information to investors who would then be better and reliability of audited financial statements of
informed when making investment decisions. public-interest entities (PIEs) and schedule funds in
However, recent research and observations have Malaysia.
shown that auditors are increasingly under pressure,
locally and globally, to detect fraud and prevent
company failures. This is a clear indication that Acknowledgement
the gap between the role of an auditor and the
market’s expectations has not only persisted but has On behalf of the Board, I would like to take this
worsened in recent years. opportunity to thank Marzunisham Omar, Assistant
Governor of Bank Negara Malaysia (BNM) for his
Audit is but one key component towards ensuring contribution to the Board. I also welcome Hew Ee-Lu,
the reliability of audited financial statements. It is Director, Insurance and Takaful Supervision of BNM
thus timely for investors, management, directors and to the Board.
stakeholders to develop a better understanding of
the scope and remit of an audit and their respective I wish to convey my deepest appreciation to our
roles in the financial reporting ecosystem. Board members for their commitment and I thank
fellow regulators, professional accountancy bodies
In this regard, the inaugural 2017 AOB Annual and other stakeholders for their ongoing support
Inspection Report was distributed to all public-listed and contribution.
companies (PLCs) to facilitate and enhance the
directors’ and Audit Committees’ engagement with To our management team and employees, thank you
their auditors. The AOB will continue to make this a for your hard work and outstanding efforts. I look
part of its annual practice and strongly encourages forward to reporting the AOB’s continued progress
boards of directors and their audit committees to in the years ahead.
gain an understanding and discuss the findings as
well as trends shared in the AOB Annual Inspection
Report with their respective auditors to ensure that
the risk areas specific to their entities are adequately
addressed. Ultimately, all key components in the
financial reporting ecosystem should effectively Dato’ Gumuri Hussain

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