KUALA LUMPUR: Having completed two annual cycles of registering and inspecting auditors, the Audit Oversight Board (AOB) is now concentrating on ensuring that the firms come up with concrete plans to address deficiencies observed during the inspections, and that these plans are executed properly.
Auditors that fail to do so may be penalised by the publication of the AOB's inspection reports, thus exposing the firms' weaknesses and failure to comply with auditing standards.
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