No

Nature of Misconduct

Parties Involved

Brief Description of Misconduct

Action Taken

Date of Action

1. Breached the AOB’s registration conditions imposed under Section 31O(3) of the Securities Commission Malaysia Act 1993 (SCMA) read together with the following paragraphs of the  AOB’s Handbook on Registration:

  1. Paragraph 5.04(c) -requirement for an audit firm to comply with auditing and ethical standards in Malaysia.
  2. Paragraph 5.04(b) – requirement for an audit firm to carry out its practice honestly, competently and with due care.
  3. Paragraph 5.04(e) – requirement for an audit firm to ensure that persons who audit the financial statements of a public interest entity (PIE) on its behalf are appropriately qualified, sufficiently trained and competent.
Wong Weng Foo & Co
  1. Wong Weng Foo & Co failed to comply with requirements of the International Standard on Quality Control 1 (ISQC 1) in discharging professional duties in the performance of audit of PIEs.
  2. Wong Weng Foo & Co failed to carry out its practice honestly, competently and with due care.
  3. Wong Weng Foo & Co failed to ensure that the auditor who audit the financial statements of PIEs are appropriately qualified, sufficiently trained and competent. As a result, there were recurring and numerous significant deficiencies in the audit of public listed entities for the financial year ended 31 December 2013 and 30 June 2014.

 

Revocation of the Wong Weng Foo & Co’s registration with AOB pursuant to Section 31Q(1)(a)(B) of the SCMA.*

2 December 2015

2 Breached the AOB’s registration conditions imposed under Section 31O(3) of the SCMA read together with the following paragraphs of the  AOB’s Handbook on Registration :

  1. Paragraph 5.05(d) -requirement for an individual auditor to comply with auditing and ethical standards in Malaysia.
  2. Paragraph 5.05(c) – requirement for an individual auditor to carry out his/her practice honestly, competently and with due care.
Wong Weng Foo
Managing Partner of Wong Weng Foo & Co.
  1. The Managing Partner failed to comply with the relevant requirement of the ISQC 1 in discharging his professional duties as the Managing Partner of Wong Weng Foo & Co.
  2. The Managing Partner failed to carry out his practice honestly, competently and with due care.
Revocation of the Managing Partner’s registration with AOB pursuant to Section 31Q(1)(a)(B) of the SCMA. *

2 December 2015

3 Breached the AOB’s registration conditions imposed under Section 31O(3) of the SCMA due to specific breaches of auditing standards in relation to the performance of the audit of the financial statements of two public listed entities for the financial years ended 31 December 2013 and 30 June 2014. Abdul Halim Bin Husin
Partner of Wong Weng Foo & Co who was the engagement partner in the audit of two public listed entities for the financial years ended 31 December 2013 and 30 June 2014.
The Partner failed to comply with certain requirements of the International Standards on Auditing in discharging his professional duties in the performance of the audit of two public listed entities. Revocation of the Partner’s registration with AOB pursuant to Section 31Q(1)(a)(B) of the SCMA. *

2 December 2015

* On 31 December 2015, Wong Weng Foo & Co (WWF & Co) and its partners Wong Weng Foo (WWF) and Abdul Halim Husin (AHH) appealed to the Securities Commission Malaysia (SC) against the Audit Oversight Board’s (AOB) decision on 2 December 2015 to revoke their registration.

Having considered the grounds of their appeals, the SC has decided to reject the appeals and affirmed AOB’s decision to revoke the registrations of WWF & Co, WWF and AHH. The revocations will take effect from 20 July 2016.

Note: Pursuant to Section 31ZB of the Securities Commission Malaysia Act 1993, all action taken by the AOB are subject to an appeal to the Commission within thirty (30) days from the date on which such person is notified of the decision.