Audit Partner Fined RM50,000 for Non-Compliance with International Standards on Auditing
16 December 2020   |   Kuala Lumpur

The Securities Commission Malaysia’s (SC) Audit Oversight Board (AOB) has on 21 October 2020 imposed a RM50,000 fine on Muhamad Hafiz Bin Che Yusof, a partner of Morison AAC PLT for failure to comply with the International Standards on Auditing when auditing a public interest entity (PIE).

Muhamad Hafiz, who was an AOB registrant, breached Section 31Z(2) of the Securities Commission Malaysia Act 1993 (SCMA).

As a partner, Hafiz has failed to design and perform audit procedures involving audit of components of the PIE. He had also performed insufficient audit procedures on, among others, going concern assumption, construction contracts, trade receivables and amount owing by associate company.

Hafiz has not filed any appeal against the AOB’s decision within the prescribed time provided in the SCMA.
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SC-World Bank-IOSCO Asia Pacific Hub Conference 2019: Enhancing Financial Inclusion through Islamic Finance and FinTech
(From left to right):
  1. Abayomi A. Alawode, Head of Islamic Finance, Finance, Competitiveness and Innovation, The World Bank Group
  2. Datuk Syed Zaid Albar, Chairman of the Securities Commission Malaysia (SC)
  3. Dr. Firas Raad, Country Manager for Malaysia, East Asia and Pacific, The World Bank Group 
  4. Datuk Zainal Izlan Zainal Abidin, Deputy Chief Executive of SC
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