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KUALA LUMPUR (Oct 19): The Audit Oversight Board (AOB) of the Malaysian Securities Commission (SC) has prohibited auditing firm RSL PLT and its partners from accepting as clients and auditing public interest entities (PIE ) and schedule funds for a 12-month period from November 1, 2020.
In a statement today, the SC said that 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.
The regulator said the AOB sanctioned the firm and its partners for failing to comply with auditing standards on fundamental and basic audit procedures while auditing a publicly traded company.
“These findings affected key financial statement items, such as investment in associates, property development cost, trade and other accounts receivable, revenue and cost of construction contracts and the consolidation of the group, “he said.
The SC said that RSL and its partners subsequently appealed to the SC against AOB’s decisions.
However, after deliberation, the SC dismissed the appeal and confirmed the AOB’s decisions.
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