Page 16 - AOB 2018 (ENG)
P. 16
Audit
Oversight
Board
ANNUAL
REPORT
2018
STRENGTHENING THE FOCUS ON RISK-BASED INSPECTIONS
In accordance with Section 31V(1) of Part IIIA of the Securities Commision Malaysia Act 1993 (SCMA), the
AOB conducts regular inspections on auditors of PIEs and schedule funds with the objective of promoting
high quality audits and reliable audited financial statements.
In developing and carrying out its inspection programme, the AOB adopts a risk-based approach that takes
into consideration the impact of an audit failure to the capital market and public confidence.
Further details on the inspection programme including common inspection findings, trend analysis and
remediation efforts taken by the inspected audit firms will be presented separately in the 2018 AOB Annual
Inspection Report.
Diagram 3
2018 Inspection Coverage
6 Major Audit Firms 7 Other Audit Firms
16 individual 11 individual
auditors auditors
16 audit 13 audit
engagements engagements
14 | PART ONE FOSTERING HIGH QUALITY INDEPENDENT AUDITING IN THE CAPITAL MARKET
T_2018 AOB AR PART 1.indd 14 10/04/2019 5:03 PM
