Ministry of Finance of Republic of Indonesia : Indonesia to Host The 4th ASEAN Audit Regulators Group Meeting and Inspection Workshop

Bali, 20/01/2016 MoF - This year, Indonesia through the Finance Professions Supervisory Centre, Secretariat General of the Ministry of Finance is honoured to be host of The 4th ASEAN Audit Regulators Group (AARG) Meeting and Inspection Workshop. The event is taken place in Bali on 20-22 January 2016.

For information, AARG is a forum of Audit regulators in Southeast Asia who have been admitted as member of International Forum of Independent Audit Regulators (IFIAR). IFIAR itself is an international organization of Independent Audit Regulators in the world which was established in 2006 with about 50 member countries.

AARG complements IFIAR's efforts to focus on information and knowledge sharing activities on guidance and supervision of Independent Audit Regulators and the Public Accounting Firm (KAP). In addition, it is a platform of collaboration and dialogue between ASEAN audit regulators, aiming at achieving consistent cooperation and increasing audit quality provided by Independent Audit Regulators and KAP.

In achieving the goal, AARG actively organizes annual inspection workshop for its member, which also involved audit regulator from other countries. Previously, the annual inspection workshop had been held in Singapore; Kuala Lumpur, Malaysia and Bangkok, Thailand.

Each participant member delivers their latest development of guidance and supervision of Independent Audit Regulators and KAP. Specifically, each participant conveys the findings of violations that are frequently and repeatedly discovered during the inspection, the concept of risk-based inspection, as well as the conditions of application of quality control systems in KAP.

Moreover, the inspection workshops facilitate discussion among participants about the latest developments of supervisory on Independent Audit Regulators globally and the development of audit standards and international accounting standards. Also, the meeting discusses the latest development of international auditing standards, such as the reporting standard on auditor's report that is more informative and the audit execution on group companies. (rsa)