Sharinah Binti Mohamed Iqbal

Reprimand

Failure to comply with relevant requirements of the International Standards on Auditing (“ISA”) in the performance of an audit of a public interest entity Sharinah failed to perform sufficient audit procedures and obtained sufficient audit evidence to support the audit opinion in relation to the PIE’s ability to continue as a going concern, particularly on the ability of the PIE to repay its bank borrowings and fulfil its obligations as follows: (a) Failure to follow up on the status of the PIE’s bank loan and seek further audit evidence to support the conclusion with regards to PIE’s ability to repay its bank borrowings.(b) Failure to perform quantitative assessment (e.g. cash flow forecast) to assess the PIE’s tight cash flow position and its ability to fulfil all its commitments and obligations. In these instances, the audit evidences in the audit file are either non-existent, incomplete or inadequate to support the audit work performed, the basis of judgement applied and the conclusion reached.

Breach of Section 31Z(1)(b) of the SCMA for failure to comply with AOB’s conditions of registration imposed by the AOB pursuant to Section 31O(3) of the SCMA.

sc.com.my