Page 11 - Inspection Report 2018

As at 31 December 2018, there were 49 audit firms and 338 individual auditors registered with the AOB.
Foreign incorporated companies listed on Bursa Malaysia were audited by 3 recognised foreign audit firms with
9 recognised foreign individual auditors.

Table 1
registered and recognised auditors as at 31 december 2018
No. of % of total No. of
No. of audit individual No. of PIEs PLCs’ market schedule % of
firms total NAV
auditors capitalisation funds
Registered

Major Audit Firms 6 183 762 93.49 1,004 98.06
Other Audit Firms 43 155 402 6.47 38 1.94
Recognised
Foreign Audit Firms 3 9 7 0.04 - -
TOTAL 52 347 1,171 100.00 1,042 100.00
Source: AOB

AudIT CLIENTS’ mOVEmENT

Audits of PIEs and schedule funds remained concentrated with the Major Audit Firms. However, the number of
PIEs audited by Major Audit Firms continued to decline. As of 2018, there was a decline of 5% in the number
of PIEs audited by Major Audit Firms over the last five years, although the total PLCs’ market capitalisation of
these Major Audit Firms’ clients remained above 93%.

Chart 1
Percentage of PIEs audited by major Audit Firms and Other Audit Firms as at
31 december 2014 and 31 december 2018
2014 2018
35%
Other
30% Audit Firms
Other
Audit Firms 65%
major
Audit Firms

70%
major
Audit Firms
Source: AOB

AUDIT OVERSIGHT BOARD
ANNUAL INSPECTION REPORT 2018 9

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