In addition, AOB prohibited a former partner of Siew Boon Yeong & Associates, Lim Teik Ee, from auditing the financial statements of any PIE for nine months after he was found to have failed to carry out his role as an Engagement Quality Control Reviewer (EQCR) for three public listed companies effectively. The EQCR plays an important role in the quality control process of an audit and is key to safeguarding audit quality. This is the first time the AOB has taken enforcement action against an auditor who was an EQCR.
Apart from the above actions, the AOB also revoked the registration of Tan Chin Huat of STYL Associates in view of the sanctions imposed by a foreign regulator against him for breaching among others its rule on auditor independence.
THE AUDIT OVERSIGHT BOARD
