MIA supports AOB’s move to reprimand auditors

THE Malaysian Institute of Accountants fully supports the recent action taken by the Audit Oversight Board (AOB) to reprimand certain auditors for failing to meet the standards set out in the International Auditing Standards (ISAs) and International Standards on Quality Control (ISQC 1) and breaching the by-laws of the MIA which relate to auditors’ independence.

While the AOB’s public reprimand is meant to enhance confidence in the audited financial statements of Public Interest Entities (PIEs) and is in the best interests of the public and the profession, it has also raised concerns about the standards of quality and compliance among auditors in this country.