a) Discuss how the setting up of the Audit Oversight Board (AOB) can enhance the audit

quality in Malaysia.

(6 marks)

b) Discuss SIX (6) matters which should be included in an audit engagement letter.

Please number your answer (i), (ii), (iii), (iv), (v), (vi). (12 marks)

c) A new client has been engaged by your audit firm. The clients name is Orion Belt, and

you have been required to gain an understanding about the new client as part of the planning

process before the audit fieldwork starts.

Required:

Identify FIVE (5) sources of information relevant to gaining an understanding of Orion Belt

and describe how this information will be used by the auditor.