challenging to audit due to high degree of judgment required. • Complex transactions • Complexities of auditing IT : in particular in the areas of valuation, internal control and evidence of work performed
elements of the financial reporting ecosystem, from better education and training to more rigorous monitoring and enforcement. And it is only when the appropriate processes are in place and the people
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
performance and monitoring, it is with limited impact as the audit clients of these firms only accounted for 10 percent of total market capitalization, as of the end of 2015. Deficiencies during this second
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
implementation of previous Asian Roundtable recommendations Two breakout sessions were held with the goal of monitoring the progress made by Asian Roundtable economies towards the implementation of previous Asian
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
inspection results in the 3 inspection cycle (2017-2018); the score in each element of the quality control system of most audit firms was higher than that during the 2 cycle, notably the ‘monitoring’ element