Ong & Wong Chartered Accountants

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 RM227,000.00 pursuant to Section 31Z(2)(h) of the SCMA.

Failure to comply with the relevant requirements of the International Standards of Auditing (“ISA”) and International Standard of Quality Control (“ISQC”) 1 in the engagement reviews of two Public Interest Entities (“PIE 1” & “PIE 2”) Ong & Wong had failed to ensure that the firm’s monitoring of the system of quality controls is operating effectively and its ability to detect the audit deficiencies as found in the two audits performed (ISQC 1 paragraph 48). Additionally, in the audit of PIE 2 where the subsidiaries operate in a foreign country, the AOB noted issues concerning the reliability of documents and the audit team’s control over the trade receivables confirmation where requests were made and received through the management of PIE 2 in contravention of the relevant ISA. In addition, there were numerous findings relating to records keeping which reflect poorly on Ong & Wong’s compliance with the relevant requirements on audit documentation (ISQC 1 Paragraph 45 and 46).

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