Board reminds audit firms of their duties

PETALING JAYA: Audit firms have been reminded to perform the necessary procedures to check whether the overall presentation of financial statements is in accordance with the applicable financial reporting framework.

The Audit Oversight Board (AOB), in its fourth annual report, noted that inspections stressed on key elements like the tone set by the leadership of audit firms, the performance consistency of partners within an audit network, and the effectiveness of their internal monitoring systems.