Lim Lip Chin

Decision. On 29 December 2020, the High Court granted an interim stay of the sanctions imposed on LLC. On 26 October 2021, the High Court ruled in favour of the AOB/SC and dismissed LLC’s, prohibit llc from accepting any public interest entity or schedule fund as client or preparing reports in relation to financial information of any public interest entity or schedule fund, as may be required under the securities laws or guidelines issued by the securities commission for 12 months; prohibit llc from auditing financial statements of a public interest entity or schedule fund or preparing reports in relation to financial information of a public interest entity or schedule fund, as may be required under the securities laws or guidelines issued by the securities commission malaysia for 12 months; and imposed monetary penalty of rm44,000.00., on 7 july 2020, llc appealed to the sc on the aob’s decision. on 06 october 2020, the sc dismissed the appeal and affirmed the decision made by the aob., to inter alia set aside/quash the aob’s decision and the sc’s, on 26 october 2020, llc filed an application to the high court for and application. with the high court’s decision, the sanctions will take effect from 26 october 2021.

Failure to comply with certain requirements of the International Standards on Auditing in the performance of an audit of a public interest entity.

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

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