A time for professional scepticism

FINALLY, the Audit Oversight Board (AOB) has imposed its first sanction. On July 12, more than two years after it had been set up, the board reprimanded Alvin Tee Guan Pian, the senior partner of accounting firm UHY Malaysia.

The AOB only provided a brief description of the breach: “Failure to comply with the relevant requirements of the recognised auditing standards in Malaysia i.e. the International Standards on Auditing.”