The Audit Oversight Board

2015 annual reportA snapshot

28 June 2016

The AOB strategy map

Promote high quality auditing practicesThe landscape

The upward trend in the number of registered individual auditors and reduction in number of partnerships with less than two partners are indicative of the audit firms’ improved commitments to capacity building and succession planning. This also reinforces the audit firms’ ability to take on challenges when auditing increasingly complex clients.

Promote high quality auditing practicesThe landscape

Promote high quality auditing practicesThe landscape

Promote high quality auditing practicesThe landscape

Promote high quality auditing practicesThe landscape

Promote high quality auditing practicesAudit Quality

Promote high quality auditing practicesAudit Quality

Leadership accountabilityand consistency of performance

Accountability of engagementpartners and EQCRs

Rigour in client acceptance

Independence and ethics

Consultation

Effectiveness of monitoring ofaudit quality

Promote high quality auditing practicesAudit Quality

How strong is the tone from thetop?

Independence and ethics

Rigour in client acceptance

Effectiveness of training

Engagement performance issues

Structure and compliance of monitoring of audit quality

Promote high quality auditing practicesAudit Quality

Both Major firms and other audit firms have issuesin the effectiveness of the EQCR process- industry knowledge- sufficient time to review- commitment

Promote high quality auditing practicesAudit Quality

Promote high quality auditing practicesAudit Quality

Promote high quality auditing practicesAudit Quality

• Reprimand and a fine of RM 50,000 on Lee Kok Wai of Crowe Howarth

• Revocation of registration of Wong Weng Foo & Co

• Revocation of registration of Wong Weng Foo as the managing partner of Wong Weng Foo & Co

• Revocation of registration of Abdul Halim Husin as a partner of Wong Weng Foo & Co

• All the above enforcement actions are under various stages of appeal

Promote high quality auditing practicesEnforcement

Influence Financial Reporting Ecosystem and Leverage onStakeholders’ Support

Influence Financial Reporting Ecosystem and Leverage onStakeholders’ Support

Assessment of Performance and Effectiveness

Assessment of Performance and Effectiveness

Assessment of Performance and Effectiveness

Assessment of Performance and Effectiveness

Support Adoption and Implementation of Standards

Support Adoption and Implementation of Standards

Support Adoption and Implementation of Standards

Support Adoption and Implementation of Standards

The Audit Oversight Board, Securities Commission