AOB urges auditors to improve audit effectiveness, beef up internal capacity

KUALA LUMPUR: The Securities Commission Malaysia’s (SC) Audit Oversight Board (AOB) has urged auditors of public interest entities (PIEs) to uphold a high level of audit quality by investing in adequate resources to ensure audit effectiveness.

Every year, the AOB inspects major audit firms that have more than 50 PIE audit clients with a total market capitalisation of above RM15 billion whereby these firms collectively audit 95 per cent of the market capitalisation of public listed companies (PLCs) in Malaysia.