Ong Koon Liang

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

Failure to comply with relevant requirements of the International Standards of Auditing (“ISA”)The AOB found numerous audit deficiencies in the engagement reviews of the PIE which, among others, relate to: revenue recognition; accuracy and existence of trade receivables brought forward from previous year; unexplained differences in deposit placed for the development of land; nature and purpose of amount owing to director; and appropriateness and validity of consolidation adjustment. In many instances, the auditor had failed to ensure the sufficiency and appropriateness of the audit evidence obtained and the completeness of audit documentation in the audit file.

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

sc.com.my