Chengco PLT
Regulator warningMalaysia. Named in 1 sanctions listing.
Summary
Chengco PLT (AF 0886) ("Chengco")
Sanctions and listings1
- Effective
- 2 May 2019
Official designation
Suruhanjaya Sekuriti MalaysiaMalaysia Securities Commission AOB EnforcementsMalaysia
Prohibit Chengco from accepting any public interest entity or schedule fund as its clients for 12 months; Prohibit Chengco from auditing financial statements of a public interest entity or schedule fund for 12 months; and Imposed monetary penalty of RM175,000.00. On 30 May 2019, Chengco appealed to the SC on the AOB's decision. The SC dismissed the appeal and affirmed the decision made by the AOB. The prohibitions to accept and audit any public interest entity or schedule fund for 12 months will take effect from 6 August 2019.
Failure to comply with relevant requirements of the approved standards on auditing in Malaysia, namely the 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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