McMillan Woods Mea

Prohibited MWM from accepting any public interest entity or schedule fund as its clients for a period of 12 months; Prohibited MWM from auditing the financial statements of a public interest entity or schedule fund for a period of 12 months; and Monetary penalty of RM123,000.00. On 14 December 2018, MWM appealed to the Securities Commission Malaysia on the period of prohibition and quantum of the monetary penalty imposed by AOB. The Securities Commission Malaysia rejected the appeal and affirmed the decision made by AOB. The prohibitions to accept and audit any public interest entity or schedule fund for a period of 12 months will take effect from 14 February 2019.

Failure to comply with relevant requirements of the approved standards on auditing in Malaysia, namely the International Standards on Quality Control and International Standards on Auditing as adopted by the Malaysian Institute of Accountants.

Breach the AOB’s registration condition imposed under Section 31O(3) of the Securities Commission Malaysia Act 1993.

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