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
2018 and 2017 showed a promising increase of approved auditors without any observation and a decline in the number of approved auditors with deficiencies and condition to follow-up on the next cycle. The
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
the codes of professional ethics. Most of the findings are in Engagement Quality Control Reviewer (“EQCR”) rotation, non-audit service, individual acceptance, and independent monitoring. 13 Independent
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
future. The regulators could apply the results for their monitoring criteria of turnover ratio or promoting of more listed companies, e.g. stock analysis report issuance. Key words: illiquidity stock
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
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