Audit Oversight Board -Chronology of formation and questionable registration of PwC

This is to give an understanding of events leading to the formation and subsequent actions by the AOB.

All the slides and/or data are from the Securities Commission website

Strengthen the INDEPENDENT OVERSIGHT of AUDITORS

Demonstrated LACK OF CREDIBILITY, INTEGRITY AND INDEPENDENCE. We all know of the many many accounting frauds that have happened and in all probability ae still happening. This makes the integrity of Auditors of the utmost importance, and the Credibility of the AOB even more important than that.

There have been a few local examples of accounting frauds as well

Took a while and a lot of deliberation to get the idea for the formation of AOB into gear.

Finally AOB comes into action, and the handbook spelling out the 'how to' of auditor registration is released.

Lots of work that needs to be done before one can submit the application

And since this is first time for everyone, even more tedious than it would be for a renewal.

AOB will need UP TO TWO WEEKS for necessary assesment, INCLUDING BACKGROUND CHECKS WITH RELEVANT REGULATORY AUTHORITIES!!

LOTS OF THINGS TO CHECK

EVEN MORE THINGS TO CHECK

But wait, the law to collect fees gets approved only on the 15 of April.

So how did PwC get registered on 1st APril, the same day the handbook was released?

Who will guard the guards themselves?