Special Report: Raising the bar for PIE auditors

The audit landscape in Malaysia has undergone significant changes from a decade ago, notably with the setting up of the Audit Oversight Board (AOB) in 2010, which raised the audit quality among the auditors of public interest entities (PIE). The AOB is part of the Securities Commission Malaysia (SC) and supports the SC in its regulation of PIE auditors. It was set up in the wake of accounting scandals in both the local and global markets that affected the confidence of investors and the reliability of audited financial statements. As such, the board was given the mandate of promoting and developing an effective audit oversight framework as well as promoting confidence in the quality and reliability of audited financial statements in the country.