.............................................................................................................................................................. 15 3.3. Pathway 2: Relative Performance Improvement ................................................................................................................................................. 16
in auditing and reviewing its 2014 and Q1/2015 financial statements where the auditor expressed qualified opinions due to limitation on scope of audit imposed by the company management. EIC must submit
accounting principles. Moreover, the auditor was unable to find sufficient supporting evidence to satisfy the audit procedures due to limitation on scope of audit imposed by the PICNI management in various
individual auditors’ engagement. The overall results of the inspection conducted on 13 audit firms in 2016 during the third cycle, which is between 2016 to 2018, indicated continuous improvement from the
audit quality, training sessions on how to remedy the recurring deficiencies identified in several audit firms. Such efforts to develop audit 02 quality have evidently paid off with the improvement of the
this momentum to continue in the quarters to come. 1Q 2018 Highlights Core EBITDA increased 49% year-on-year to $326 million, driven by strength in all segments and structural improvement in the
. The SEC also encouraged audit firms to prepare for compliance with the International Standard on Quality Management 1 to drive the improvement of the quality control system of audit firms in the capital
’ qualified opinions resulted from limitation on their scope of audit/review. Hence, the auditors were unable to obtain sufficient and appropriate audit evidence with respect to valuation of investment in PT
firms demonstrated an improvement vis-à-vis the results from the previous inspection cycle. Such improvement was undoubtedly enabled by the formulation of audit firms’ root cause analysis process and
for long term growth, while remaining focused on supporting, supplementing and leveraging our flagship business of Combined PET. • With the reopening of economies, easing of lockdowns and improvement in