KUALA LUMPUR: The Securities Commission’s (SC) Audit Oversight Board (AOB) has publicly reprimanded accounting firm Nexia SSY PLT and its audit partners Michelle Yong Voon Sze and Jayapalasingam Kandiah.
“As the Engagement Partner responsible for the audit of a public-interest entity (PIE), Yong has failed to perform sufficient audit procedures and obtain sufficient audit evidence to support the basis for the qualified opinion in the auditor’s report.
“This breach is a non-compliance with the relevant International Standards on Auditing as adopted by the Malaysian Institute of Accountants (MIA),” the SC said in a statement.
The qualification is related to certain agreements entered into by the PIE.
SC said Yong failed to evaluate whether the impact of these agreements was pervasive or otherwise in the financial statements of the PIE and assess its legality and enforceability.