Audit Partner Fined RM47,500 for Non-Compliance with International Standards on Auditing

14 April 2021 | Kuala Lumpur

The Securities Commission Malaysia’s (SC) Audit Oversight Board (AOB) has imposed a monetary penalty on Sandra Segaran a/l Muniandy @ Krishnan, a partner of Ernst & Young PLT, for failing to comply with requirements of the International Standards on Auditing when auditing a public interest entity. The SC reduced the penalty amount to RM47,500 from RM63,000 on 8 April 2021, following an appeal filed by Sandra to the SC.

The AOB found Sandra to have breached Section 31Z(1) of the Securities Commission Malaysia Act 1993 for failing to comply with the registration conditions imposed by the AOB as set out in Section 31O(3).

In particular, Sandra had failed to perform audit procedures to support the basis of the audit opinion for the audit engagement in the area of property, plant and equipment. He had also performed insufficient audit procedures in the area of loans and borrowings as well as group consolidation.

SECURITIES COMMISSION MALAYSIA
AUDIT OVERSIGHT BOARD

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