MOF X The Law on Auditing Activity should be revised to make it more consistent with the EU Statutory Audit Directive MOF, MOE and X The Government, after analysing the weaknesses and needs of the SOE PPA sector, should strengthen mechanisms for the accountability and oversight of SOEs, including enhanced financial reporting, transparency and audit requirements. NCFM, MOF, X Engage a dialogue to raise awareness on the benefits of corporate governance PPA, stock and enhance existing practices especially as they relate to financial reporting exchange, and and auditing within all PIEs, including significant SOEs business association(s) The Profession MOF X The Government and professional associations should collaborate to increase Professional the reliability of the local accountancy profession through revision of the Associations syllabus, introduction of a quality assurance mechanism for the preparation and evaluation of examination questions, etc. NBM and NCFM X There is a need to structure and standardize the additional examinations by the NBM and NCFM for the certification of auditors for the audit of financial institutions, insurance companies and the securities market. In the longer term, such industry-specific examinations could be abolished. Professional X The professional associations should promote the profession through
The Law on Auditing Activity should be revised to make it more consistent with the EU Statutory Audit Directive MOF X The Government, after analysing the weaknesses and needs of the SOE sector, should strengthen mechanisms for the accountability and oversight of SOEs, including enhanced financial reporting, transparency and audit requirements. MOF, MOE and PPA X Engage a dialogue to raise awareness on the benefits of corporate governance and enhance existing practices especially as they relate to financial reporting and auditing within all PIEs, including significant SOEs NCFM, MOF, PPA, stock exchange, and business association(s) X The Profession The Government and professional associations should collaborate to increase the reliability of the local accountancy profession through revision of the syllabus, introduction of a quality assurance mechanism for the preparation and evaluation of examination questions, etc. MOF Professional Associations X There is a need to structure and standardize the additional examinations by the NBM and NCFM for the certification of auditors for the audit of financial institutions, insurance companies and the securities market. In the longer term, such industry-specific examinations could be abolished. NBM and NCFM X The professional associations should promote the profession through Professional X
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