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Don’t write that you talked to John to get an answer to your question. Write that you spoke with Jane Doe, the human resources director, on April 12, and report what she said. Document the purpose, procedure, and conclusion of each test. “I should be able to retrace and retest any work paper with all the supporting documentation and be able to look at the same things they did and come to the same conclusion,” Morris said. Do away with “N/A” on an audit program. Same goes for “None,” and “Not considered necessary.” Explain why it was not applicable or not necessary. For example, if a step regarding employer contributions to a plan wasn’t necessary because the employer doesn’t match contributions, explain that in the work paper. Make sure each work paper can stand on its own. “If someone were just to find that one work paper they could figure out every test that you did and who you talked to, and what you looked at,” Morris said. As a result of the pandemic, there url are several new issues for auditors to consider and document. Internal control changes resulting from a rise in remote work should be examined for gaps and described in work papers. Auditors will have to make sure they get the latest copy of every plan amendment that was made, whether as a result of the pandemic or not, and record the content of the amendment documents and how they were acquired. Auditors may have process memos in their files indicating which employees of the plan are responsible for specific activities related to the plan. Those process memos will need to be reviewed carefully to see where responsibilities changed and whether any important matters have fallen through the cracks. “I anticipate us from a documentation standpoint having some changes in our memos just specifically for 2020,” Morris said. “If there are no memo changes, then I will be a little suspect on that, because most people are at home and they have shifted to different roles or at least different ways of doing their job and their day-to-day tasks.” Practitioners will have to keep in mind an auditing standards change specific in the know to EBP audits that takes effect for 2021 calendar year-end financial statements. Statement on Auditing Standards No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, as amended, prescribes new performance requirements for auditors and changes the form and content of the auditor’s report. The standard addresses requirements for foundational issues such as engagement acceptance, risk assessment, and communication with those charged with governance that will need to continue to be thoroughly documented. “SAS No.

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Securities Commission’s Audit Oversight Board Urges Auditors To Heighten Diligence and Professional Scepticism Securities Commission’s Audit Oversight Board Urges Auditors To Heighten Diligence and Professional Scepticism The Securities Commission Malaysia’s Audit Oversight Board (AOB) today urged auditors to be more vigilant and diligent in the execution of their duties during the current period of economic uncertainties due to the Covid-19 pandemic. In its Annual Inspection Report 2020, the AOB noted that it is the responsibility of the directors and Audit Committee to assess their company’s ability to continue as a going concern when preparing financial statements. This responsibility extends to ensuring disclosure on significant judgements arrived at in order to reach those conclusions. Auditors are then required to verify and challenge the appropriateness of the going concern assumptions, as well as the adequacy of the related disclosures.  Due to prolonged uncertainties arising from the pandemic, it is even more important now for auditors to exercise appropriate professional scepticism in conducting their audits.  The SC Chairman Datuk Syed Zaid Albar, said, “High quality audits promote integrity and ensure investor protection whilst contributing to better corporate governance in public interest entities (PIEs). Quality financial reporting that adheres to internationally recognised standards promotes trust and confidence in the reliability of audited financial statements in Malaysia.”   The AOB’s Annual Inspection Report 2020 provides insights into the findings from its inspections during the year 2020. It also offers observations on the impact of Covid19 on the financial results of public listed companies, including disclosures in the annual reports and audited financial statements (AFS). A total of 38 audit firms and 339 auditors are currently registered with the AOB.  Meanwhile, AOB’s Executive Director, Alex Ooi commented, “The AOB’s regular inspection programme, which involves active monitoring and engagements with audit firms, is an essential part of our audit regulatory approach. It helps to identify gaps and remediate any weaknesses within audit firms, and ensure the firms continue to strengthen their internal capacity and put in place adequate resources to promote high audit quality in Malaysia.” In 2020, the AOB inspected 10 audit firms and performed monitoring and thematic reviews on four other audit firms. The monitoring and thematic review programme included follow up assessment on remediation actions taken to address past AOB inspection findings, including evaluation of the firms’ internal monitoring review results and thematic reviews on specific areas of concern. In this regard, the 2020 inspection and review had covered firms which collectively audit 72.6% of the total number of PIEs.  The AOB observed a significant increase in the percentage of audit engagements which required further evaluation and investigation, from 44% in 2019 to 88% in 2020.  The AOB’s Annual Inspection Report 2020 also includes key highlights on the new and revised auditing standards relating to the firms’ system of quality management which is to be implemented by 15 December 2022. Audit firms are advised to take the necessary steps to implement these standards by the due date.   The introduction and implementation of the Annual Transparency Reporting in year 2021 would require eight AOB-registered audit firms that meet the reporting criteria to share their Transparency Reports with the Audit Committees of their PIE clients. The qualifying audit firms are required to disclose information pertaining to their legal and governance structures, measures to uphold audit quality and manage risks, as well as the measurements of audit quality indicators. In year 2022, the qualifying audit firms will also be required to publish their Annual Transparency Report to the public. The Audit Committees of PIEs should take into consideration the information presented in the Annual Transparency Reports when deciding on the appointment and re-appointment of its auditors.  Moving forward, the AOB will continue to work closely with various stakeholders to uphold high audit quality in Malaysia in order to drive improvements in financial reporting ecosystem.  While audit firms undertake measures to uphold audit quality in these difficult times, directors and Audit Committees are also reminded of the need for vigilance in managing the expanding range of issues and risks, particularly those relating to complexities in financial reporting caused by Covid-19. Ongoing engagements with their auditors are essential to manage these matters on a continuous basis. The AOB also urges audit firms to invest in adequate level of training and resources to ensure that high quality audits are carried out at all times. The AOB’s Annual Inspection Report 2021 is available here.
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