Page 24 - AOB 2018 (ENG)

Audit
Oversight
Board
ANNUAL
REPORT
2018

31 JULY-1 August 2018 16 August 2018

2018 AARG Inspection Workshop AOB Conversation with the Auditors of
PIEs and Schedule Funds
The AOB shared Malaysia’s regulatory updates and
EAR implementation experiences and observations, The AOB organised the annual AOB Conversation
as well as presented and facilitated discussions on with the Auditors of PIEs and Schedule Funds which
challenges in the audits of judgmental and complex was attended by the leadership and representatives
areas at the 2018 AARG Inspection Workshop from all AOB-registered audit firms.
in Jakarta hosted by the Finance Professions
Supervisory Centre, Indonesia. Insights into the inaugural 2017 AOB Annual
Inspection Report as well as common inspection
Regulators from 11 countries and representatives findings from audit firms and engagement level
from IFIAR, the International Auditing and Assurance reviews were shared. Other highlights included
Standards Board and the International Ethics sharing of developments in auditing standards and
Standards Board for Accountants attended the regulations, and an overview of recent enforcement
annual regional workshop. actions taken by the AOB.

The AOB also announced the enhanced AOB
registration framework and New Criteria for
31 JULY-1 August 2018 Registration with the AOB.

2018 AARG Meeting with the Audit
Firms

Following the AARG Inspection Workshop, the
AOB was also involved in the annual 2018 AARG
Meeting with the Big-Four Audit Firms. The one-
on-one meetings were held between AARG and
the leaderships of the Big-Four Audit Firms from
Malaysia, Indonesia, Thailand and Singapore. Topics
of discussion included key developments of the audit 19 OCTOBER 2018
firms and the initiatives to improve audit quality,
impact of audit innovations and technology to the
firms, and audits of cryptocurrency. Modernising ISA 315 – Key Revisions

As a panellist during the discussion organised by
MIA, the AOB shared its views on the proposed ISA
315 (Revised), Identifying and Assessing the Risks of
Material Misstatement. The session aimed to create
awareness and seek feedback from MIA members
regarding the proposed key revisions to ISA 315
(Revised).

22 | PART ONE FOSTERING HIGH QUALITY INDEPENDENT AUDITING IN THE CAPITAL MARKET

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