Lahore: The Audit Oversight Board (AOB) has implemented an ‘Audit Firm Registration System’ that it recently launched to facilitate the promotion of the government’s ease-of-doing business initiative, a news source reported. As per officials, business organisations will only have to fill an online form to provide required annual information instead of sending official papers back and forth.
The authority launched the system earlier this year. Since then, all audit firms registered with AOB have submitted their 2018 returns through the system. The board is already exploring more uses for this online system and plans to add new features in its bid to facilitate the audit organisations and committees.
AOB previously contracted the services of local IT professionals and storage services of the National Telecom Corporation for developing the online platform.
Audit regulators all over the world have the core function of registering audit firms. Only the AOB-registered auditors have the authority to audit financial statements of any public-limited company.
AOB is an independent regulator set up by the parliament to monitor audit quality of public interest companies – including listed and non-listed public sector companies. At the moment, there are 100 audit organisation registered with the board. AOB has listed firms registered with it on its official website.