The audit regulators of Malaysia, Indonesia, Singapore and Thailand have agreed with the Big Four to reduce the number of audits with inspection findings by at least 25%.
The four regulators together form the ASEAN Audit Regulators Group (AARG) which held its fifth annual audit inspection workshop in Kuala Lumpur earlier this month (February), where the agreement with the Big Four Firm was reached.
This commitment is in line with the initiative of the International Forum of Independent Audit Regulators (IFIAR) launched in March 2016 to reduce audit inspection findings globally. As such AARG members will engage further with the Big Four firms’ leadership to address root causes of recurring inspection findings.
Also announced at the annual workshop, the AARG has secured a collaboration with the World Bank’s Centre for Financial Reporting Reform for funding and technical assistance to boost capacity building to raise the standard of audit quality in ASEAN.
Full details on the agreements between AARG and the Big Four firms, and between AARG and the World Bank can be found on the website of the Singaporean regulator: the Accounting and Corporate Regulatory Authority (ACRA)