The two auditors failed to design and perform appropriate audit procedures in respect of trade receivables and revenue in auditing a PIE’s 2011 and 2012 financial statements.
As such, the auditors breached Section 31Z of the Securities Commission Malaysia Act 1993 for their failure to comply with their conditions of registration. Their conditions of registration include the observance with recognised auditing standards. AOB reminds its registrants to adhere to all relevant requirements of recognised auditing and ethical standards in Malaysia.
AUDIT OVERSIGHT BOARD