The SC’s AOB Reprimands Auditors For Failure to Comply with International Standards on Auditing

 

The Securities Commission Malaysia’s (SC) Audit Oversight Board (AOB) has reprimanded Gary Yong Yoon Shing and Jason Sia Sze Wan, partners of Nexia SSY, and Lye Ghee Kang, a partner of CAS Malaysia PLT (the “auditors”) for failure to comply with the International Standards on Auditing when auditing their respective public listed company clients.

The auditors failed to design and perform audit procedures to obtain sufficient appropriate audit evidence to support the audit opinion for their clients. In respect of Gary Yong Yoon Shing and Jason Sia Sze Wan, the offence was for two audit clients for the financial year ended 31 December 2012 and in respect of Lye Ghee Kang it was for an audit client for the financial year ended 30 April 2017.

Compliance with auditing standards when auditing the financial statements of a public interest entity is a condition of registration for AOB registrants. Failure to comply with AOB’s conditions of registration will result in the breach of section 31Z of the Securities Commission Malaysia Act 1993.

 

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