Wong Cham Mew

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 RM34,000.00 pursuant to Section 31Z(2)(h) of the SCMA.

Failure to comply with relevant requirements of the International Standards of Auditing (“ISA”) in the performance of engagement quality control review process for the audit of two PIEs (“PIE 1” and “PIE 2”).Cham Mew failed to sufficiently review the selected audit documentation relating to significant judgements and significant risk areas of the engagement and basis of the conclusions reached in the area of revenue; trade receivables; deposits; amount owing to director; group consolidation (PIE 1); property, plant and equipment; cash and bank balances; and other receivables (PIE 2).This has an effect on the overall audit quality as reflected in the multiple audit deficiencies discovered in the two audits performed.

Breach of Section 31Z(1)(b) of the Securities Commission Malaysia Act 1993 (“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