improved the monitoring process to be coherent with the TSQC 1 and the SEC’s observation. However, in 2017 we still identified the findings on the monitoring process in some audit firms as follows: 1. The
of the monitoring and root cause analysis on such deficiencies, remediation plan preparation and the follow-up of the remediation plan. The SEC will continue to assist audit firms and follow up on
collaboration of audit firm leaders, auditors and personnel. Nevertheless, some audit firms have yet to remove deficiencies in engagement performance and monitoring while they are revising their audit manual and
Financial Statement Surveillance Workshop to be a platform for sharing of knowledge and experience from conducting reviews of audited financial statements. ACRA and other organizations, such as International
quality control systems are more likely to produce high quality audits. In light of this observation, it is crucial that when audit committees select an auditor, the quality of the audit works and the
conflicts of interest and prioritise advancing the best interest of clients. Principle 3: Make informed investment decisions and engage in active ongoing monitoring of investee companies. Principle 4: Apply
interest of our members. Principle 3: Oversee asset managers to make informed investment decisions and engage in active ongoing monitoring of investee companies. Investment decisions should take into account
investment decisions and engage in active ongoing monitoring of investee companies. 4. Apply enhanced monitoring of and engagement with the investee companies if monitoring pursuant to (3) is considered
common control with another entity. performs analytical functions that are necessary for the issuing or monitoring of a credit rating or participates in determining credit ratings, including an employee
efficient and effective monitoring process. Along the same line, the inspection results of individual engagements showed promising improvement of audit quality in the capital market, as reflected in the