SC publicly reprimands two auditors for oversight

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.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3

Business , SC , auditors


Next In Business News

Censof stages turnaround with RM26.8m net profit in FY21
Carlsberg Malaysia posts Q1 net profit of RM66.46mil
Zafrul: Keeping economy open crucial to avert unemployment
Petronas to boost digital transformation
FBM KLCI up 7.86 points to end at intraday high
GDB 1Q net profit up nearly 54% to RM8.8m
MARC affirms rating on Sinar Kamiri RM245m green sukuk
MEF: Stricter MCO in Selangor crucial but don’t impose full lockdown
Grab Malaysia introduces programme to assist small food businesses
Gold extends rally as weak dollar, inflation jitters lift appeal

Stories You'll Enjoy