report to the audit committee etc. 16.2 The company provides inspection on compliance with internal control procedures by self-assessment and /or by independent assessment of internal auditors. 16.3
not disclose indirect control, or control held through custodians or shareholder agreements, in spite of SEC rules that imply they should. Independence requirements for auditors still allow for the
are sufficient and correct before forwarding them to the Board of Directors for consideration. - Review the internal control system to oversee that the internal audit procedures are adequate
shareholder meeting in key company decisions. The chapter also deals with disclosure of control structures, such as different voting rights. New issues in this chapter include the use of information technology
............................................................ B. Engagement Level ............................................... Root cause analysis and examples of action plans to improve the quality control system .................. Our Focus for the Third
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
, both listed companies and audit firms ought to put in place proper work processes and internal controls to ensure the desired outcomes. Listed companies need a suitable internal control system and a well
is not sufficient to provide assurance that such non-audit services may or may not impair the independence arising from the self-review threat or advocacy threat. • The audit firm may lack necessary
reporting process toward a higher quality. In the preceding years, the SEC mobilized various initiatives to support the preparers in building self- discipline and the understanding of appropriate and
to the rest of the firm. By reinforcing the importance of audit quality and its underlying factors such as the firm’s quality control procedures, the firm leaders would influence their staff to