PETALING JAYA: The Securities Commission (SC) has publicly reprimanded two auditors for failing to comply with the International Standards on Auditing when auditing the financial statements of a public interest entity.
The capital market regulator named Sathiea Seelean Manickam of Morison Anuarul Azizan Chew (MAAC) and Tan Poh Ling, a former partner of MAAC, as the auditors involved in the public reprimand by the SC’s Audit Oversight Board.
“The two auditors failed to design and perform appropriate audit procedures in respect of trade receivables and revenue in auditing a public interest entity’s 2011 and 2012 financial statements,” the SC said.
“As such, the auditors breached Section 31Z of the Securities Commission Malaysia Act 1993 for their failure to comply with their conditions of registration.
“Their conditions of registration include the observance with recognised auditing standards,” it added.