Charles Lee King Long

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 Securities Commission Malaysia ('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 RM35,000.00 pursuant to Section 31Z(2)(h) of the SCMA.

Failure to comply with relevant requirements of the International Standards on Auditing (“ISA”) in the performance of an audit of a PIE Lee had wrongfully assessed the PIE’s reversion from Malaysian Financial Reporting Standards (MFRS) accounting framework to Financial Reporting Standards (FRS) for the financial year ended 31 December 2016. Lee had also failed to perform sufficient audit procedures and obtained sufficient audit evidence to support the conclusions reached on various elements of accounting estimates relating to property development costs. Other areas of non-compliance to the ISA include trade receivables, revenue and going concern. In many instances, the documentation in support of the conclusions reached by Lee were found to be either incomplete or inadequate.

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.

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