|
No. |
Nature of Misconduct |
Parties Involved |
Brief Description of Misconduct |
Action Taken |
Date of Action |
|---|---|---|---|---|---|
| 1. | Breach the AOB's registration condition imposed under Section 31O(4) of the Securities Commission Act 1993 (SCA). | Chan Kee Hwa Partner of Khoo Wong & Chan who was the engagement partner in the audit of a public interest entity (PIE) for the financial year ended 31 March 2011. |
Failure to comply with certain requirements of the International Standards on Auditing in discharging his professional duties in the performance of an audit of the PIE. | Reprimand |
18 February 2014 |
| 2. | Breach the AOB's registration condition imposed under Section 31O(4) of the Securities Commission Act 1993 (SCA). | Lim Kok Beng Partner of Ong Boon Bah & Co who was the engagement partner in the audit of a public interest entity (PIE) for the financial year ended 30 June 2011. |
Failure to comply with certain requirements of the International Standards on Auditing in discharging his professional duties in the performance of an audit of the PIE. |
|
18 February 2014 |
| 3. | Breach the AOB's registration condition imposed under Section 31O(4) of the Securities Commission Act 1993 (SCA). | Wong Weng Foo & Co. (the Audit Firm) | (i) Failure to comply with section 31N (1) of the SCA which requires audit firms to be registered with AOB when acting as auditor; and(ii) Failure to comply with the By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants requirement which relates to independence of an auditor. |
On 05 June 2014, the Audit Firm appealed to the Commission against the above decision made by the Audit Oversight Board. On 30 June 2014, the Commission decided to reject the appeal. The prohibition on the Audit Firm to accept any PIE as its clients for a period of 12 months will take effect from 30 June 2014. |
30 May 2014 |
