MSWG Weekly Newsletters 07 JULY 2017
07 July 2017
VOICE OF MSWG
AOB: AUDITORS SHOULD IMPROVE QUALITY CONTROL
Capacity building efforts are continuing apace in Malaysia with the Securities Commission (SC) expressing concerns over the work of auditors with questions raised recently over audit quality issues and urging auditors to up their ante in service delivery.
In lauding the SC’s Audit Oversight Board (AOB) move to point out heightened deficiencies among audit firms relating to revenue recognition, inventory, group audits and related-party transactions such as to potentially harm the integrity of the local capital markets, we are also encouraged by its collaborative approach in their desire to guide and monitor such remediation efforts.