Tan Wae Leng

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; and 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. The prohibitions are effective concurrently from 30 April 2025.

Failure to comply with relevant requirements of the International Standards on Auditing (ISA) in the audits of PIE 1 and PIE 2 respectively In relation to PIE 1, TWL has failed to perform sufficient appropriate audit procedures to support the conclusion reached in key areas, including bank borrowings, opening balances, prior year adjustments, redeemable convertible preference shares, goodwill, cost of sales and the appropriateness of the going concern assumption. In relation to PIE 2, TWL 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, particularly the basis of the audit opinion issued.

Breach of Section 31Z(1)(b) of the Securities Commission Malaysia Act 1993 (SCMA) for failure to comply with the registration conditions imposed by the AOB pursuant to Section 31O(3) of the SCMA.

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