Page 62 - AOB 2018 (ENG)

Audit
Oversight
Board
ANNUAL
REPORT
2018

ENFORCEMENT ACTIONS

No. Auditors Action taken

Failure to remain fit and proper in accordance with Section 31P of the SCMA
1. Tan Chin Huat of STYL Associates. 1. Registration revoked by the AOB.

Failure to comply with a Notice issued under Section 152 of the SCMA
2. RT LLP, auditor of a foreign incorporated 1. Recognition withdrawn by the AOB.
corporation listed on Bursa Malaysia for the
financial years ended 31 December 2015 and 31
December 2016.
3. Su Chun Keat of RT LLP, engagement partner in 1. Recognition withdrawn by the AOB.
the audit of a foreign incorporated corporation
listed on Bursa Malaysia for the financial years
ended 31 December 2015 and 31 December
2016.
Failure to comply with the requirements of ISQC 1
4. McMillan Woods Mea, auditor for a PLC for the 1. Prohibited from auditing PIEs or schedule
financial year ended 31 December 2016. funds for 12 months;
2. Prohibited from accepting PIEs or schedule
funds as clients for 12 months; and
3. Penalty of RM123,000.

5. Siew Boon Yeong & Associates, auditor for 3 PLCs 1. Prohibited from auditing PIEs or schedule
for the financial years ended 31 December 2016, funds for 9 months; and
31 January 2017 and 31 March 2017. 2. Penalty of RM227,000.

Failure to comply with certain requirements of the ISA in the performance of an audit of a PIE

6. Mea Fatt Leong of McMillan Woods Mea, 1. Prohibited from auditing PIEs or schedule
engagement partner in the audit of a PLC for the funds for 12 months;
financial year ended 31 December 2016. 2. Prohibited from accepting PIEs or schedule
funds as clients for 12 months; and
3. Penalty of RM44,000.
7. Dato’ Siew Boon Yeong of Siew Boon Yeong & 1. Prohibited from auditing PIEs or schedule
Associates, engagement partner in the audits for funds for 9 months; and
3 PLCs for the financial years ended 31 December 2. Penalty of RM81,000.
2016, 31 January 2017 and 31 March 2017.
8. Elwyn Tang Boon Hiap of CHI-LLTC, engagement 1. Reprimand; and
partner in the audit of a PLC for the financial year 2. Penalty of RM225,000.
ended 30 April 2015.
9. Chuah Soo Huat of PKF, engagement partner in 1. Reprimand.
the audit of a PLC for the financial year ended 31
December 2012.

60 | PART THREE STATISTICS AND OTHERS

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