Malaysia's Securities Commission's AOB emphasise need for high quality audit in light of Covid-19
The Securities Commission Malaysia (SC)’s Audit Oversight Board (AOB) today issued a circular to auditors and audit committees regarding the importance of ensuring high quality of audit on financial reports of Public Interest Entities (PIEs) in light of the challenges posed by the Covid-19 pandemic.
In a circular to auditors and audit committees, the AOB, which regulates auditors of PIEs, said today that they are closely monitoring the impact of the pandemic on the quality of financial reports of PIEs.
“We are cognisant of the difficulties faced by auditors who may need to conduct remote auditing and have limited access to clients’ books and records. Audit engagements could take a longer time, leading to delays in meeting reporting or regulatory deadlines,” said Datuk Syed Zaid Albar, Chairman of the SC.
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