KUALA LUMPUR: The Securities Fee’s (SC) Audit Oversight Board (AOB) has referred to as for audit committees (AC) of public listed corporations (PLCs) to repeatedly and rigorously interact auditors to advertise an efficient audit course of.
In a press release, the AOB reminded AC on the significance of their function in driving audit high quality enhancements. That is according to the SC’s efforts to enhance company governance in PLCs and enhance traders’ confidence within the high quality and reliability of audited monetary statements.
“It is usually a part of the AOB’s capability constructing initiatives for the accounting and auditing business.
“The AOB highlighted the necessity for AC to think about the knowledge within the Annual Transparency Stories (ATR) ready by their audit corporations when evaluating the appointment and reappointment of exterior auditors.
“The ATR supplies info on authorized and governance buildings of corporations, measures taken to uphold audit high quality and handle dangers, and measurements of audit high quality indicators,” it mentioned.
As well as, AC was strongly inspired to grasp and talk about the findings and firm-level statistics shared within the AOB’s Annual Inspection Report with their respective auditors, to make sure that the danger areas recognized are adequately addressed.
“Given the enterprise atmosphere, the AOB additionally challenged AC to proceed assessing the influence of the Covid-19 pandemic on the interior controls of economic reporting,” it mentioned.