To promote ease of doing business, the Audit Firm Registration System launched by the Audit Oversight Board (AOB) has been successfully implemented. Now instead of sending papers back and forth, audit firms provide the required annual information by filling an online form.
Since its launch in 2019, all audit firms registered with AOB have submitted their 2018 returns through this online system. Further utilization of the online platform is being explored and new features are being planned to facilitate audit firms and audit committees. This system has been developed using the expertise of local IT professionals and storage services of National Telecom Corporation.
AOB is the independent regulator established by the parliament to oversee audit quality of public interest companies, which include listed companies and non-listed public sector companies.
Registration of audit firms is a core function of audit regulators internationally. Only the auditors registered with AOB may audit the financial statements of a public interest company. Currently, there are 100 audit firms registered with AOB and an up to date list of audit firms registered with AOB is available on AOB's website.-PR
Copyright Business Recorder, 2019
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