On the evening of 22nd July 2024, two external experts visited Sunway to speak to third-year undergraduate students who were taking the Advanced Audit and Assurance module. The talk was for two hours, with a thirty-minute question and answer session. Two separate sessions were conducted by our distinguished speakers, one of which detailed the mandatory annual inspection process by the audit oversight board (AOB). The AOB inspection is required for all registered external auditors of listed companies. The second session was an introduction to membership with the professional accounting board, The Institute of Chartered Accountants in England and Wales (ICAEW).

The first speaker, Mr Andrew Yew, is a lead recruiter with ICAEW, Malaysia. Andrew briefed the students about the advantages of gaining a professional accounting membership with ICAEW. ICAEW is well known for its prestigious professional qualification, worldwide recognition, and global connectivity network of members. Andrew went into brief details on the academic requirements and professional examination structure, relevant aspects of studentship and mentorship by the institute of its students undertaking its professional examinations and training as well as the available scholarships and training scope with the top four accounting firms in the world who have offices in Malaysia. Andrew also showcased a few Sunway University alumni who have successfully become members of ICAEW after obtaining their degrees and who are currently progressing well in their careers.

The second speaker for the evening was Mr Tan Khoon Yeow, a partner responsible for learning and professional development with the accounting firm of BDO in Kuala Lumpur. Khoon Yeow shared his personal experience of the AOB inspection of BDO that had taken place during the June to July 2024 period. Individuals who are not employed with a professional accounting firm would have little knowledge of the AOB and its inspection requirements. The AOB was established in 1993 by the Securities Commission in Malaysia to develop an effective audit oversight framework to promote confidence in the reliability and quality of audited financial statements in Malaysia. The AOB oversees all registered external auditors and ensures that external auditors comply with auditing and ethical standards, regulations and security laws. The role of the AOB has been given more impetus, especially in view of the notable fraud cases in 2002 of Enron and WorldCom, in the United States and the 1MDB case in Malaysia. In order for the students to understand the function of the AOB, Mr Khoon Yeow provided the history, role and overall context for the AOB. Mr Khoon Yeow then detailed BDO’s in-firm documentary and personnel preparation for the AOB inspection, the three stages of the pre-inspection, inspection and post-inspection processes and the final format of the inspection report. Finally, Mr Khoon Yeow explained the enforcement details and provided examples of previous sanctions. 

Both speakers were very comprehensive and informative within the limited time frame and the students were enthralled throughout the two sessions, culminating in thoughtful questions being put forward. We were very honoured that both Andrew and Khoon Yeow had given up their evening and travelled all the way to Sunway to provide invaluable information and their personal expertise to our students.

Ms Choo Sook Yin
Sunway Business School
Email: @email