2017 Sanctions


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(3) of the Securities Commission Malaysia Act 1993 (SCMA). Adam Selamat bin Musa
Partner of Adam & Co who was the engagement partner in the audit of a public listed entity for the financial year ended 31 December 2013.
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 public listed entity. Monetary penalty of RM75,000

On 13 September 2017, Adam Selamat bin Musa appealed to the Commission. The appeal was solely on the quantum of the monetary penalty imposed by the AOB.

On 2 November 2017, the Commission rejected the appeal and affirmed the decision made by AOB.

11 September 2017

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