SC's Audit Oversight Board Prohibits Auditor From Auditing For One Year
KUALA LUMPUR, Oct 23 (Bernama) -- The Securities Commission Malaysia's (SC) Audit Oversight Board (AOB) has prohibited an auditor Sathiea Seelean Manickam from accepting as clients and auditing any public interest entities or schedule funds for a one-year period starting from Oct 22, 2024.
In a statement today, the SC said the AOB also imposed a fine of RM87,500 on him.
“Sathiea was a partner of Morison Anuarul Azizan Chew, an audit firm formerly registered with the AOĐ’.
“He was also the engagement partner of a public-listed company (PLC) client for the financial period ended Dec 31, 2016, as well as financial years ended Dec 31, 2017, and Dec 31, 2018,” it said.
The commission added that Sathiea failed to comply with the relevant International Standards on Auditing when auditing the PLC.
Specifically, he did not obtain sufficient audit evidence to support his audit opinion on the audit of group financial statements in key audit areas, namely cash and bank balances, prepayments and investments.
“Sathiea had appealed to the SC against the AOB's enforcement action. The SC dismissed the appeal and affirmed the AOB's decision,” it added.
-- BERNAMA