Auditor reprimanded, fined for not complying with standards

KUALA LUMPUR: The Securities Commission’s (SC) Audit Oversight Board (AOB) has reprimanded and fined Tang Boon Hiap of CHI-LLTC RM225,000 for failure to comply with the International Standards on Auditing for a public-listed company.

The SC said compliance with auditing standards when auditing the financial statements of a public-interest entity was a condition of registration for AOB registrants.

The AOB’s action reflected 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, the SC added.

The SC said Tang’s appeal against the quantum of the monetary penalty imposed was rejected and the AOB’s decision was affirmed.

In a separate statement, Bank Negara Malaysia on Tuesday raided four premises owned by Famirah Sukses Wisata in Johor over suspicion of carrying out illegal retail remittance business activities without licence.

Relevant documents and cash amounting to RM139,922.89 were seized for investigation purpose.

The raids were conducted in various places in Johor, including Kota Tinggi Pandan, Bestari Bestmart in Skudai, TJ Mart in Senai and Taman Air Biru in Pasir Gudang.

In the same raid, eleven illegal immigrants, who were manning the premises were detained for breaching the Immigration Act 1959/63 (Act 155). The raid was in collaboration with the Immigration Department,

Bank Negara said this was part of its continuous enforcement to protect members of the public against any financial losses when dealing with informal channels.

Members of the public are advised not to conduct any money changing or remittance transactions with illegal money services business operators and their agents.