As part of its annual meeting, the ASEAN Audit Regulators Group (AARG) met with the Global Policy Committee (GPPC) audit firms to discuss enhanced relationships in light of key upcoming trends and development in the global audit landscape.

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Since it was formed in 2011, the AARG has engaged with audit firms on joint initiatives to address common inspection findings and to promote the value of audit.

 At its 2016 annual meeting held earlier in august in Singapore, the AARG discussed with the GPPC audit firms, made of the six largest international audit firm networks (Deloitte, PwC, EY, KPMG, BDO, Grant Thornton), the use of data analytics to improve audit effectiveness, as well as the use of audit quality indicators by audit committees to select auditors and the delivery of insightful reporting by auditors when the enhanced auditor reporting standards take effect in 2017.

 “The new auditor reporting standards are instrumental in strengthening the quality of information provided in the auditor’s report. The new auditor’s report will increase transparency and enhance the utility of the audit report, thereby enriching the value of audits and their relevance,” Malaysia’s Audit Oversight Board member Eugene Wong said. “Auditors play a meaningful role in the process of resource allocation and the AARG’s work with its constituents in rolling out this initiative in ASEAN will help drive the flow of useful and relevant information to the ASEAN capital markets.”

Highlighting the efforts to enhance audit quality in Indonesia, Asih Ariyanto, head of the accountancy professions inspection division at the Indonesian Finance Professions Supervisory Center (PPPK) said: “The PPPK is currently working on establishing AQIs framework in consultation with all related stakeholders in Indonesia. We expect this initiative to play an important role in driving audit quality for all public accounting firms in Indonesia”.

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Thawatchai Kiatkwankul, director of the accounting supervision department at the Thai SEC noted that the AARG meetings were an opportunity for regulators to discuss current audit matters with audit firm leaders and increase the understanding and co-operation between each group. In light of the increased complexity of the financial reporting environment, these interactions between regulators and the profession have to continue in order to raise audit quality standards in ASEAN, he concluded.