AuditOversightBoard(AOB).pptVIP

The global nature of auditing demands greater stakeholders’ commitment in respect to effective regulation Share knowledge of audit environment and experience of independent audit regulatory activities Enhance the connectivity to other international bodies which have interest on audit quality To promote confidence in the quality and reliability of audited financial statements, the Act allow the SC to... This include: Bank Negara Malaysia Companies Commission Malaysia Malaysia Institute of Accountants International Organization of Securities Commission Other Independent Audit Oversight body Moving Forward… * AOB will work together with all relevant parties to ensure the successful implementation of a robust and independent audit oversight framework Please contact AOB at… Telephone: 03 Fax: 03 Email: aob@.my * * Thank You * In encouraging the high quality of audits, the key factor lies in complying with auditing standards which are based on the International Standards on Accounting This, of which, includes complying with the Standards on Quality Control, specifically the ISQC 1 (Quality Control for Firms that Perform Audits and Reviews of Financial Statements) which has bee effective since 1 July 2006 ISQC 1: Establish a system of quality control (policies and procedures) Provide firm with reasonable assurance that the firm and members of the firm comply with professional standards and regulatory and legal requirements Ensure that reports issued by the firm is appropriate in the circumstances * On a global level, cases in some countries such as Satyam, Oriental century, Enron and even the recent ponzi scheme; Madoff have eroded the level of public confidence in financial reporting. The implications of these failures are felt most by stakeholders, particularly employees who in some cases lose their jobs and savings which have been invested in the company. Swelled to a national crisis in confidence in the integrity and reliability of public c