Audit board wants firms to address deficiencies, quality issues

KUALA LUMPUR: The Audit Oversight Board (AOB), which has issued its third annual report, has urged audit firms to focus on the actual root causes of their audit deficiencies in formulating remediation plans to improve audit quality.

“As we entered the third year of operations, AOB observed an increasing trend in the demand for audit quality in the market.

“Hence, it is important for audit firms to continue deploying remediation plans that are tied to the root causes of their audit deficiencies,” executive chairman Nik Mohd Hasyudeen Yusoff said in a statement issued by the Securities Commission.

Some of the root causes highlighted by AOB included lack of emphasis on audit quality by the leadership of audit firms, inadequate understanding of the business of audit clients and its associated risk, and lack of application of professional scepticism in evaluating audit evidence.

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