aob 2015 annual report powerpoint
TRANSCRIPT
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The Audit Oversight Board
2015 annual reportA snapshot
28 June 2016
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The AOB strategy map
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Promote high quality auditing practicesThe landscape
The upward trend in the number of registered individual auditors and reduction in number of partnerships with less than two partners are indicative of the audit firms’ improved commitments to capacity building and succession planning. This also reinforces the audit firms’ ability to take on challenges when auditing increasingly complex clients.
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Promote high quality auditing practicesThe landscape
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Promote high quality auditing practicesThe landscape
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Promote high quality auditing practicesThe landscape
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Promote high quality auditing practicesThe landscape
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Promote high quality auditing practicesAudit Quality
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Promote high quality auditing practicesAudit Quality
Leadership accountabilityand consistency of performance
Accountability of engagementpartners and EQCRs
Rigour in client acceptance
Independence and ethics
Consultation
Effectiveness of monitoring ofaudit quality
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Promote high quality auditing practicesAudit Quality
How strong is the tone from thetop?
Independence and ethics
Rigour in client acceptance
Effectiveness of training
Engagement performance issues
Structure and compliance of monitoring of audit quality
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Promote high quality auditing practicesAudit Quality
Both Major firms and other audit firms have issuesin the effectiveness of the EQCR process- industry knowledge- sufficient time to review- commitment
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Promote high quality auditing practicesAudit Quality
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Promote high quality auditing practicesAudit Quality
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Promote high quality auditing practicesAudit Quality
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• Reprimand and a fine of RM 50,000 on Lee Kok Wai of Crowe Howarth
• Revocation of registration of Wong Weng Foo & Co
• Revocation of registration of Wong Weng Foo as the managing partner of Wong Weng Foo & Co
• Revocation of registration of Abdul Halim Husin as a partner of Wong Weng Foo & Co
• All the above enforcement actions are under various stages of appeal
Promote high quality auditing practicesEnforcement
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Influence Financial Reporting Ecosystem and Leverage onStakeholders’ Support
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Influence Financial Reporting Ecosystem and Leverage onStakeholders’ Support
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Assessment of Performance and Effectiveness
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Assessment of Performance and Effectiveness
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Assessment of Performance and Effectiveness
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Assessment of Performance and Effectiveness
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Support Adoption and Implementation of Standards
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Support Adoption and Implementation of Standards
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Support Adoption and Implementation of Standards
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Support Adoption and Implementation of Standards
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The Audit Oversight Board, Securities Commission