ASEAN and Big Four tackle audit issues

How are regulators hoping to improve audit quality in the region?

By hiring more audit inspectors

By updating regulations around inspections

By reducing the number of audits of listed companies

By cutting the number of listed company audits with inspection findings by a quarter

What are the root causes of repeat inspection findings?

Governance failings

Lack of consistency in execution and quality control in firm-wide systems

A rise in fraud due to economic climate

Revenue recognition issues across firms

What is the aim of the 25 percent goal?

To develop a new set of rules on audit quality for the region

To set up a new regulator to oversee this goal

To create a sustainable culture of audit quality in the region

To homogenise standards in the region

What is the ultimate goal in improving audit quality?

To reduce the number of firms required to conduct audits

Enhanced confidence in capital markets, quality and reliability of audited accounts

To do away with audits

To reduce the cost of capital

IFIAR 2016 inspection survey found high rates of inspection findings in which areas?

Engagement performance, independence and ethical requirements

Monitoring and internal control

Accounting estimates, fair value measurement

Revenue recognition and audit sampling

Why is the World Bank working with the AARG?

Improved audit quality will aid the bank in ending poverty and promoting prosperity

Because this is a regional issue that could lead to financial instability

Because it has provided funding for the project

Improved audit quality leads to less need for world aid

What does this quantifiable milestone represent for firms and regulators?

New regulations on audit quality

A commitment to work together

A path towards new rules

A regional struggle

How many findings constitute deficient audit?

At least one finding

More than five findings

More than one finding

At least 10 findings

What are the broader ultimate goals of improved audit quality?

Fewer inspections and reduced cost to firms

Wider access to investment and credit and a lower risk of financial instability

Fewer audits and questions raised over audits

To stabilise the region

Why is the CFRR organising separate workshops for non-AARG members?

To share knowledge and continuous improvement of audit regulation

To try and encourage them to join the AARG

Because the World Bank requires it

To improve the fortunes of the region

ASEAN and Big Four tackle audit issues

How are regulators hoping to improve audit quality in the region?

What are the root causes of repeat inspection findings?

What is the aim of the 25 percent goal?

What is the ultimate goal in improving audit quality?

IFIAR 2016 inspection survey found high rates of inspection findings in which areas?

Why is the World Bank working with the AARG?

What does this quantifiable milestone represent for firms and regulators?

How many findings constitute deficient audit?

What are the broader ultimate goals of improved audit quality?

Why is the CFRR organising separate workshops for non-AARG members?

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ASEAN and Big Four tackle audit issues

How are regulators hoping to improve audit quality in the region?

What are the root causes of repeat inspection findings?

What is the aim of the 25 percent goal?

What is the ultimate goal in improving audit quality?

IFIAR 2016 inspection survey found high rates of inspection findings in which areas?

Why is the World Bank working with the AARG?

What does this quantifiable milestone represent for firms and regulators?

How many findings constitute deficient audit?

What are the broader ultimate goals of improved audit quality?

Why is the CFRR organising separate workshops for non-AARG members?

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out of

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Test passed. Enter your details to download your certificate. Your certificate will also be sent to you by email.

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