Gan Kim Guan

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 RM17,500.00 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 engagement quality control review process of an audit of a PIE Gan 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. This was apparent in the application of accounting framework, property development costs, trade receivables, revenue and going concern. (Please refer to actions against Charles Lee King Long, the engagement partner for the audit of the PIE)

Breach of Section 31Z(1)(b) of the ecurities 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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