AOB Acts Against Auditors
19 October 2018   |   Kuala Lumpur
The Securities Commission Malaysia’s Audit Oversight Board (AOB) fined Siew Boon Yeong & Associates and its Managing partner Dato’ Siew Boon Yeong RM227,000 and RM81,000 respectively for failing to comply with the requirements of the approved standards on auditing in Malaysia. The AOB also prohibited the firm and Siew from auditing the financial statements of a public interest entity (PIE) and schedule fund for nine months.

In addition, AOB prohibited a former partner of Siew Boon Yeong & Associates, Lim Teik Ee, from auditing the financial statements of any PIE for nine months after he was found to have failed to carry out his role as an Engagement Quality Control Reviewer (EQCR) for three public listed companies effectively. The EQCR plays an important role in the quality control process of an audit and is key to safeguarding audit quality. This is the first time the AOB has taken enforcement action against an auditor who was an EQCR.

Apart from the above actions, the AOB also revoked the registration of Tan Chin Huat of STYL Associates in view of the sanctions imposed by a foreign regulator against him for breaching among others its rule on auditor independence.

THE AUDIT OVERSIGHT BOARD

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