understanding general IT control and going concern issues. Example 6 : An audit firm did not document the source of audit scope and basis of selection, both in test of control and substantive test of details. A
, resulting from: ฆ 2.2.1 circumstances beyond control of the entity (paragraph.........); ฆ 2.2.2 circumstances relating to the nature or timing of the auditor’s work (paragraph........); ฆ 2.2.3 limitations
control system at the firm level and the individual engagement level, the SEC encourages all stakeholders to attain a better understanding and awareness of their roles within the ecosystem, from the
financial reporting system and promote sustainable growth of the capital market. Regarding the supervision of audit quality, the SEC found that the inspection results of audit firms’ quality control system
(with more than 50% control) Controlling structure in reverse takeovers 4 Merged firm Combined value $12.6 mn (63 mn shares x $0.2 Private firm value $ 10 mn (50 mn shares x $0.2) Public firm
of audit firms has been an ongoing challenge, as a result of high turnover rates, coupling with low interests in this profession. With this concern in mind, the SEC and the Association of Chartered
owners tend to maintain control over firms and to be reluctant to disclose information, raising concern for good corporate governance. It was highlighted that significant challenges for family-controlled
same period last year. This resulted from the government measures to control the COVID-19 pandemic, by temporary closure of stores in Fashion and Hardline segments while Food segment were impacted by
............................................................ B. Engagement Level ............................................... Root cause analysis and examples of action plans to improve the quality control system .................. Our Focus for the Third
: Operational Control and Security of the Information Technology of Securities Company For the purpose of rendering the securities companies to efficiently comply with the Notification of the Office of Securities