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
where it is appropriate to direct the issue. Is it a matter for the board of directors in its entirety? The chair or the lead director? Or a particular committee that may be responsible for the issues of
in the audit performance. These firms are also revising the monitoring procedures to be more comprehensive, both at the firm level and the engagement level. This matter requires much time and efforts
........). 5. Have emphasis of matter paragraphs resulting from (can choose more than one): ฆ 5.1 An uncertainty concerning entity’s ability to continue as a going concern (paragraph........); ฆ 5.2 An
standards issued by the International Federation of Accountants (IFAC) in case the FAP has yet to issue or amend its standards to be in line with such international standards. Additionally, the firm consents
related to digital assets in the future. Significant and recurring deficiencies arising from the inspection of auditor’s engagement, e.g., revenue recognition, going concern and provisions of allowance for
raise independence issues. (Non-audit service) 3. High Risk Industries Resource, extractive, mining, oil and gas industries : • The current issue is not necessarily going concern but the issue is more
any) In the event that the major shareholders make an agreement on a matter that materially affects the issuance and offer for sale of securities or the management of the Company, and such agreement is
threats against the firms’ and their auditors’ independence. Results of the 2015 inspections showed that the incompleteness of the related-parties disclosures remains an issue because some firms had yet to
perhaps contradictory regulations between jurisdictions is also an issue that should be monitored so that no regulatory vacuum is allowed to develop (i.e. issues slipping through in which no authority has