Big Four among audit firms with faults

KUALA LUMPUR: The Audit Oversight Board (AOB) has pinpointed “a number of shortcomings” after inspecting the country's six largest audit firms last year. This raises the possibility of the board finding more areas of concern when it widens its inspection coverage to include smaller firms this year.

AOB executive chairman Nik Mohd Hasyudeen Yusoff said the board was targeting to inspect 18 audit firms this year, including mid-tier and small firms. “We will have a better picture of where everybody is in the (financial reporting) ecosystem,” he told reporters after the release of the AOB's maiden annual report yesterday.