Page 6 - Inspection Report 2018
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INTrOduCTION
The Audit Oversight Board (AOB) was established under Part IIIA of the Securities
Commission Malaysia Act 1993 (SCMA). Its mandate is to assist the Securities
Commission (SC) in discharging its regulatory function by regulating auditors
of public-interest entities (PIEs) and schedule funds to promote confidence in
the quality and reliability of the audited financial statements. The AOB also
exercises oversight over any person who prepares a report relating to financial
information of PIEs and schedule funds, in relation to capital market activities.
This annual inspection report provides insights into the observations arising from the AOB’s inspections at
both Firm and Engagement levels in 2018, which is in line with its strategic themes relating to strengthening
focus on risk-based inspection (Diagram 1).
Diagram 1
The AOB’s Strategic Themes 2017-2020
Support Strengthening Focused and Effective
reinforcing the holistic focus on impactful communication
regulatory development risk-based enforcement and collaboration
expectations
of the audit inspection outcome with
profession stakeholders
Source: AOB
AUDIT OVERSIGHT BOARD
4 ANNUAL INSPECTION REPORT 2018
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