Wong Weng Foo & Co.
Regulator warningMalaysia. Named in 1 sanctions listing.
Summary
Wong Weng Foo & Co. (the Audit Firm)
Sanctions and listings1
- Effective
- 30 May 2014
Official designation
Suruhanjaya Sekuriti MalaysiaMalaysia Securities Commission AOB EnforcementsMalaysia
Prohibit the Audit Firm from accepting any PIE as client for a period of 12 months; and Monetary penalty of RM30,000. On 05 June 2014, the Audit Firm appealed to the Commission against the above decision made by the Audit Oversight Board. On 30 June 2014, the Commission decided to reject the appeal. The prohibition on the Audit Firm to accept any PIE as its clients for a period of 12 months will take effect from 30 June 2014.
(i) Failure to comply with section 31N (1) of the SCA which requires audit firms to be registered with AOB when acting as auditor; and(ii) Failure to comply with the By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants requirement which relates to independence of an auditor.
Breach the AOB's registration condition imposed under Section 31O(4) of the Securities Commission Act 1993 (SCA).
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