PETALING JAYA: The planned Audit Oversight Board (AOB) is likely to have powers to impose fines of up to RM500,000 against auditors who fail to comply with set standards.
The AOB may also have the power to inspect and conduct inquiries on auditors and bar accountants who are deemed to be in non-compliance with the best practises of the AOB, from auditing the books of listed companies.
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