Wednesday, April 25,
2018 12.46PM / Securities Commission Malaysia
The Securities Commission Malaysia’s
(SC) Audit Oversight Board (AOB) reprimanded and fined Tang Boon Hiap of
CHI-LLTC a sum of RM225,000 for failure to comply with the International
Standards on Auditing when auditing a public-listed company. Compliance with
auditing standards when auditing the financial statements of a public-interest
entity is a condition of registration for AOB registrants.
The AOB’s action reflects the
seriousness of its findings against Tang who failed to design and perform
certain audit procedures in auditing the financial statements on inventories,
other receivables, fixed deposits and goodwill.
Tang’s appeal to the SC against the
quantum of the monetary penalty imposed was rejected, and the decision of the
AOB was affirmed.