Ahmad Aljafree Bin Mohd Razalli

Prohibition from accepting any PIE or schedule fund as clients or preparing reports in relation to financial information of any PIE or schedule fund, as may be required under the securities laws or guidelines issued by the SC for 12 months pursuant to Section 31Z(2)(f) of the SCMA; Prohibition from auditing financial statements of a PIE or schedule fund or preparing reports in relation to financial information of a PIE or schedule fund, as may be required under the securities laws or guidelines issued by the SC for 12 months pursuant to Section 31Z(2)(g) of the SCMA; and Monetary penalty of RM50,000 pursuant to Section 31Z(2)(h) of the SCMA. and on 22 may 2025, aljafree appealed to the sc to reduce the monetary penalty imposed by the aob. he did not appeal against the prohibitions imposed. the sc dismissed the appeal and affirmed the decision made by the aob. the prohibitions are effective concurrently from 30 april 2025.

Failure to comply with relevant requirements of the International Standards on Auditing (“ISA”) in the engagement review of a PIE Aljafree failed to perform adequate audit procedures and obtain sufficient appropriate audit evidence in the following audit areas: FYE 30 June 2020 – non-recognition of prior year adjustments, property, plant and equipment, opening balances and group consolidation; and FYE 30 June 2021 – prior year adjustments, property, plant and equipment and group consolidation. The audit evidence in the audit file was either non-existent or inadequate to support the audit work performed, the basis of judgement applied, and the conclusion reached in supporting the basis of the audit opinion issued.

Breach of Section 31Z(1)(b) of the Securities Commission Malaysia Act 1993 (“SCMA”) for failure to comply with the registration conditions imposed by the AOB pursuant to Section 31O(3) of the SCMA.

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