ACCOUNTING firms that wish to audit public-listed firms will have a mammoth task raising their standards of practice once the Audit Oversight Board (AOB) comes into force.
This is based on the fact that accounting firms have fared rather poorly in the last practice review by the Malaysian Institute of Accountants (MIA). Furthermore, the AOB is expected to require firms to be fully compliant with the international accounting best practice called the ISQC1 (Internal Standards on Quality Control).
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