PETALING JAYA: The Securities Commission Malaysia’s (SC) Audit Oversight Board (AOB) has prohibited audit firm RSL PLT and its partners from accepting clients and auditing public interest entities or schedule funds for a period of 12 months effective Nov 1, 2020.
The regulators stated the two partners involved are Lim Lip Chin and Lim Sang Chee.
In addition, the board has imposed a fine of RM175,000 on RSL and RM44,000 on Lip Chin.
The SC revealed that the firm and its partners were sanctioned by the AOB for non-compliance with the auditing standards on fundamental and basic audit procedures while auditing a public listed company.
“These findings affected key financial statements line items such as investment in associates, property development costs, trade and other receivables, revenue and costs from construction contracts and group consolidation,” it explained in a statement.
Subsequently, RSL and the partners had appealed to the regulator against the AOB’s decision.
After deliberation, the SC dismissed the appeal and affirmed the board’s decision.
