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KUALA LUMPUR: The Audit Oversight Board (AOB) of the Securities Commission has prohibited auditing firm RSL PLT (RSL) and its partners from auditing for one year and imposed a total fine of RM219,000.
The SC said in a statement Monday that RSL was prohibited from accepting as clients and auditing public interest entities (EIPs) or scheduling funds for a 12-month period, starting Nov. 1.
The two partners involved are Lim Lip Chin and Lim Sang Chee.
“In addition to the ban, the AOB also imposed fines of RM 175,000 on RSL and RM 44,000 on Lim Lip Chin,” he said.
The SC said the firm and its partners were sanctioned by the AOB for failing to comply with auditing standards on fundamental and basic auditing procedures when auditing a publicly traded company. “These findings affected key items in the financial statements, such as investments in associates, property development costs, trade and other accounts receivable, income and costs of the group’s construction and consolidation contracts.
“RSL and the partners subsequently appealed to the SC against AOB’s decisions. After deliberation, the SC dismissed the appeal and confirmed the AOB’s decisions, ”said the SC.
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