New registration system implemented

ISLAMABAD: The Audit Firm Registration System launched by the Audit Oversight Board (AOB) has been successfully implemented, a statement said on Thursday.

Now, instead of sending papers back and forth, the audit firms provide the required annual information by filling an online form, it added. Since its launch in 2019, all audit firms registered with AOB have submitted their 2018 returns through this online system.

Further utilisation of the online platform is being explored and new features are being planned to facilitate the audit firms and audit committees. This system has been developed using the expertise of local IT professionals and storage services of the National Telecom Corporation, the statement said.

AOB is an independent regulator established by the parliament to oversee audit quality of public interest companies, which included listed companies and non-listed public sector companies. Registration of audit firms is a core function of audit regulators internationally. Only the auditors registered with AOB may audit the financial statements of a public interest company.