SC AOB fines audit partner


In a statement, the regulator said Muhamad Hafiz Che Yusof was fined on Oct 21 for failure to comply with the International Standards on Auditing when auditing a public interest entity (PIE).

PETALING JAYA: The Securities Commission’s (SC) Audit Oversight Board (AOB) has imposed a RM50,000 fine on an audit partner of Morison AAC PLT.

In a statement, the regulator said Muhamad Hafiz Che Yusof was fined on Oct 21 for failure to comply with the International Standards on Auditing when auditing a public interest entity (PIE).

The SC pointed out that Hafiz, who was an AOB registrant, breached Section 31Z(2) of the Securities Commission Malaysia Act 1993 (SCMA).

“As a partner, Hafiz has failed to design and perform audit procedures involving audit of components of the PIE.

“He had also performed insufficient audit procedures on, among others, going concern assumption, construction contracts, trade receivables and amount owing by associate company, ” it explained.

It added Hafiz had not filed any appeal against the AOB’s decision within the prescribed time provided in the SCMA.

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