SC urges consistent high-quality audits for public interest entities

The Malaysian AIDS Foundation's Poise & Power high tea celebration was a tribute to empower Malaysian women living with HIV.

KUALA LUMPUR: The Securities Commission Malaysia has urged audit firms to intensify efforts to achieve consistent performance across all public interest entities audit engagements.

"With audit quality being a shared responsibility, the Audit Oversight Board continues to work with key stakeholders to drive improvements in the financial reporting ecosystem," the SC said. The report highlighted a decrease in the percentage of inspected engagements referred for enforcement, dropping to 16 per cent in 2023 from 18 per cent in 2022.

"These measures, imposed on audit firms and engagement partners, are intended to drive improvements in auditors’ professional scepticism and technical expertise in relevant auditing and accounting standards," the report stated.

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