AOB warns audit firm for failing to disclose all audit engagements

To protect public interest in audit quality, the Audit Oversight Board (AOB) has issued a warning to an audit firm for failing to disclose complete list of audit engagements during its audit quality rating. AOB has taken this action against Amin, Mudassir & Co after providing an opportunity to the firm to explain its position in writing as well as an opportunity of being heard. AOB has also directed the firm to submit an action plan made up of substantive measures to ensure that the same mistake is not repeated.

"A complete and accurate disclosure of audit engagements by an audit firm is critical to the integrity of the audit quality review process and registration with the AOB which in turn provides an audit firm the right to audit the financial statements of public interest companies, which include the largest employers and taxpayers in the country," said Usman Hayat, CEO AOB.

Copyright Business Recorder, 2019