companies? audits with inspection finding(s). The AARG comprises Malaysia's Audit Oversight Board (AOB), Indonesia's Finance Professions Supervisory Center (PPPK), Singapore's Accounting and Corporate
practical challenges, providing valuable insights for auditors to apply in their financial audits of IPO and listed companies. The event was held at the TFAC Building on 12 January 2024.
inspection findings related to the audits of public companies around the world. The findings in the audits on major financial institutions were also forwarded to the Financial Stability Board (FSB) as
system. However, their listed company clients accounted for only 10 percent of the total market capitalization. At engagement levels, significant deficiencies were such as audits of revenue recognition
business. This also includes requirements related to information security audits and the qualifications of the auditor who must be qualified and independent; (3) Revising the requirements and guidelines in
secure, effective and efficient IT practices and IT usage in businesses. The update would also include requirements related to the information security audits and the qualifications of the auditor who must
inspection findings and to promote the value of audits. At the 6th AARG meeting, there was a healthy dialogue on how regulators and audit firms can forge an even more productive relationship in light of key
?There was general agreement that the AQIs could be a useful tool for audit committees to start a meaningful conversion with audit firms on the quality of their audits. In Singapore?s context, ACRA has
engagements;(6) Engagement performance (EP): Insufficient involvement of engagement partners and EQCRs was found with inadequate and improper audit manuals, such as audits of high fraud risk areas and group