Statistics


The Institute implemented a new practice review framework effective 1 July 2017 whereby inter alia, the Remedial Action Plan (“RAP”) was incorporated for firms with Type 3 rating, to replace the conduct of the follow-up review as provided for under the previous framework. A Type 4 rating was also introduced to specifically address a situation where an audit firm has committed an offence or a breach against the laws and regulations of the country and the Institute’s regulations or the basis needed to form the opinions expressed on the engagements reviewed was not supported. For the transition period, the statistics shown below include the results of reviews under the previous framework.

  1. Statistics on first time review firms

    During the six month period from 1 July 2017 to 31 December 2017, we completed reviews of 21 first time review comprising 1 (Type 1), 8 (Type 2), 11 (Type 3) and 1 (Type 4) reports.

    As at 31 December 2017, we completed reviews of 730 first time review from the total registered audit firms of 1,447.

  2. Statistics on follow-up review firms

    In addition to the first time review as mentioned above, we completed reviews of 9 follow-up review, comprising 2 (Type 2) and 7 (Unsatisfactory) reports for the six month period from 1 July 2017 to 31 December 2017.

  3. In summary, the following reports were completed and signed off during the six month period from 1 July 2017 to 31 December 2017:

    Type of Reviews Type 1 Type 2 Type 3 Type 4 Total
    First time review 1
    (5%)
    8
    (38%)
    11
    (52%)
    1
    (5%)
    21
    Follow-up review - 2
    (22%)
    7
    (78%)
    - 9