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Decisions of the Disciplinary Committee of the MIA

June 17, 2022
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Decisions of the Disciplinary Committee of the MIA

Decisions of the Disciplinary Committee of Malaysian Institute of Accountants (‘Institute’) against members pursuant to Rule 18(1) of the Malaysian Institute of Accountants (Disciplinary) Rules 2002.

Dato’ Yap Pian Seen (6621) as the sole proprietor of Messrs PS Yap & Co. had been punished and imposed a suspension of 3 months effective 1/7/2022, fine of RM5000-00, costs of RM4000-00 and ordered to attend a course conducted by the Institute on Audit Quality Enhancement Program by the Disciplinary Committee of the Institute on 2/3/2022 after the Firm had been rated as ‘unsatisfactory’ as indicated in the Monitoring Review Report dated 28/1/2020 which detailed the weaknesses in the audit work performed.

Seou Lim Khoon (6212) as the sole proprietor of Messrs Khoon Associates had been punished and imposed a suspension of 3 months effective 1/7/2022, fine of RM5000-00, costs of RM4000-00 and ordered to attend a course conducted by the Institute on Audit Quality Enhancement Program by the Disciplinary Committee of the Institute on 2/3/2022 after the Firm had been rated as ‘unsatisfactory’ as indicated in the Monitoring Review Report dated 23/1/2020 which detailed the weaknesses in the audit work performed.

Chai Moi Kim (5345) as the sole proprietor of Messrs Kim & Co. had been punished and imposed a suspension of 3 months effective 1/7/2022, fine of RM4000-00, costs of RM4000-00 and ordered to attend a course conducted by the Institute on Audit Quality Enhancement Program by the Disciplinary Committee of the Institute on 2/3/2022 after the Firm had been rated as ‘unsatisfactory’ as indicated in the Monitoring Review Report dated 30/3/2021 which detailed the weaknesses in the audit work performed.

Sylvester Devaraj Anthony (4228) as the sole proprietor of  Messrs Sylvester Anthony & Co. had been punished and imposed a suspension of 3 months effective 1/7/2022, fine of RM5000-00, costs of RM4000-00 and ordered to attend a course conducted by the Institute on Audit Quality Enhancement Program by the Disciplinary Committee of the Institute on 2/3/2022 after the Firm had been rated as ‘unsatisfactory’ as indicated in the  Follow-up Review Report dated 13/12/2018 which detailed the weaknesses in the audit work performed.

Tan Yen Wooi (20560):-

  1. as sole proprietor of Messrs Messrs YWT & Partner had been punished and imposed a suspension of 3 months effective 1/7/2022, fine of RM5000-00, costs of RM4000-00 and ordered to attend a course conducted by the Institute on Audit Quality Enhancement Program by the Disciplinary Committee of the Institute on 2/3/2022 after the Firm had been rated as ‘unsatisfactory’ as indicated in the Follow-up Review Report dated 26/4/2019 which detailed the weaknesses in the audit work performed.
  2. (i) as sole proprietor of Messrs Messrs YWT & Partner had been punished and imposed a fine of RM5000-00 by the Disciplinary Committee of the Institute on 2/3/2022 for having engaged the staff of the Firm’s audit client i.e. Premier Business Solutions S/B (‘PBS’) to perform the audits of Happy Home Household S/B for FYE 30/6/2018, Niche Elevator S/B for the FYE 31/12/2017 and Cute Maree S/B for the FYE 30/9/2017.
    (ii) The Firm shared resources with PBS when the audits of the above 3 engagements were performed and that PBS did not charge the Firm for the time cost of the staffs and no reimbursement of time cost to PBS until 28/2/2019. He expressed his audit opinions on the financial statements of the 3 audit engagements which were examined by non-staff of the Firm and a non-member of the Institute and further disclosed that the Firm is renting an office premise owned by 2 of the directors of PBS but no payment of rental made to PBS. The close business and financial relationships between the Firm and PBS could significantly impair his independence as the statutory auditor of PBS for the FYE 31/7/2018.

Ng Kuan Yee (17693) being the Group Chief Financial Officer primarily responsible for the financial management of HSS Engineers Bhd (‘HSSEB’) had been punished and imposed a fine of RM5000-00, costs of RM4000-00 and to attend course relevant to the application of Malaysian Financial Reporting Standards by the Disciplinary Committee of the Institute on 2/3/2022 in respect of its financial statements for the FYE 31/12/2016 (‘FYE 2016’) where she has failed to carry out her duties as a professional accountant with due care and diligence as HSSEB’s audited financial statements for FYE 2016 had neither accounted for nor disclosed the Special Restricted Share Plan, involving the grant of 10,816,584 units of shares in HSSEB by the Promoters to selected employees of HSSEB at zero consideration concurrent with the Initial Public Offering of HSSEB, in accordance with Malaysian Financial Reporting Standards 2 – Share-based Payment.

Zurianee Zabidi (41329) as the sole proprietor of a non-audit firm, ZAZ Management Services had been punished and imposed a fine of RM1000-00 and costs of RM4000-00 by the Disciplinary Committee of the Institute on 2/3/2022 where she had failed to lodge the annual return of the Firm with the Institute for the year 2020 by 31/1/2020 as required under the Institute’s By-laws and that she had continuously failed to lodge the same till 31/1/2021 despite repeated reminders from the Institute, till the date a complaint was lodged against her.

Chiang Chun Wei (31763) as the sole proprietor of a non-audit firm, Chiang & Associates had been punished and imposed a fine of RM1500-00 and costs of RM4000-00 by the Disciplinary Committee of the Institute on 2/3/2022 where he had failed to lodge the annual return of the Firm with the Institute for the year 2020 by 31/1/2020 as required under the Institute’s By-laws and that he had continuously failed to lodge the same till 31/1/2021 despite repeated reminders from the Institute, till the date a complaint was lodged against him.

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