2012 Sanctions

No.

Nature of Breach

Parties Involved

Brief Description of Breach

Action Taken

Date of Action

1. Breach the AOB’s registration condition imposed under Section 31O(4) of the Securities Commission Act 1993 (SCA). Alvin, Tee Guan Pian
(Partner of UHY who was the engagement partner in the audit of a public interest entity for the financial year ended 31 July 2010)
Failure to comply with the relevant requirements of the recognised auditing standards in Malaysia i.e. the International Standards on Auditing. Reprimand

  • On 9 August 2012, Alvin Tee Guan Pian appealed to the Commission against the above decision made by the Audit Oversight Board. On 4 September 2012, the Commission decided that the appeal be rejected.
12 July 2012
2. Breach the AOB’s registration condition imposed under Section 31O(4) of the Securities Commission Act 1993 (SCA). Liew Tip Chan(Sole proprietor of T.C. Liew & Co. who was the engagement partner in the audit of a public interest entity (PIE) for the financial year ended 31 January 2011.)
(i) Failure to comply with the By- Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants requirements which relate to independence of an auditor in discharging his professional duties; and
(ii) Failure to comply with certain requirements of International Standards on Auditing in discharging his professional duties in the performance of an audit of the PIE.
(i) Reprimand; and
(ii) Penalty of RM5,000.

 

7 November 2012