ISLAMABAD - After conducting an inspection of records of a mid-size audit firm, the Audit Oversight Board (AOB) has placed the firm on an action plan with substantive steps to improve its audit quality. The decision to place the firm on an action plan was taken after finalizing the inspection report and giving the firm an opportunity to respond to the observations by AOB’s inspectors. The action plan is to be implemented by 30 September 2019.Implementation of the action plan will be reviewed by ICAP’s Quality Assurance Board. AOB may also carry out an inspection in order to ensure that the action plan has been properly implemented. AOB reviews the work done by ICAP’s Quality Assurance Board regarding the quality of work performed by audit firms. After reviewing the work performed by the Quality Assurance Board during the first quarter of 2019, AOB approved inspection of records of an audit firm.