AOB is the independent audit oversight board established by the parliament to function in the public interest and enhance the quality of audit of financial statements of public interest entities.
This development is in line with the efforts in other jurisdictions to enhance the audit quality and reliability of financial statements that are a key source of information to investors and other stakeholders.
Functions of AOB:
to register audit firms, that conduct or intend to conduct the audit of public interest companies in the manner laid down in sub-section (1) of section 36T;
to deregister audit firms in the manner laid down in sub-section (2) of section 36T;
to undertake comprehensive review and examination of the QAB work and independently assess the appropriateness of the quality control review framework and take such actions as deemed necessary;
to oversee and review policies, procedures, programs of QAB for ensuring an effective oversight of quality of audit of public interest companies and to specify any improvement required in QAB’s policies, procedures and systems;
to direct the Institute of Chartered Accountants of Pakistan (ICAP) for making such changes in the quality control review framework as it considers necessary or expedient for the purposes of this Part;
to ensure that the auditing standards adopted by the Institute conform to the international standards as issued by the International Auditing and Assurance Board;
to conduct inspections and inquiries in respect of matters related to this Part and regulations made hereunder; and
to coordinate with relevant authorities including SECP, State Bank of Pakistan and ICAP in formulating and implementing strategies for enhancing the reliability of quality and effectiveness of audits of public interest companies.
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