KUALA LUMPUR, Nov 25 — The Securities Commission (SC)’s Audit Oversight Board (AOB) has prohibited audit firm Afrizan Tarmili Khairul Azhar (AFTAAS) and its partners from accepting clients and auditing public interest entities (PIE) or schedule funds for 12 months.
In a statement, the SC said the prohibition on AFTAAS and partners, namely, Datuk Mohd Afrizan Husain, Tamili Dulah Kusni and Khairul Azahar Ariffin, took effect today (Nov 25, 2019).
In addition to the prohibition, the AOB also imposed fines of RM455,000 on AFTAAS, and RM88,000 each on Afrizan and Khairul respectively.
“The firm and its partners were sanctioned by the AOB for several breaches involving non-compliance with the auditing standards on fundamental and basic audit procedures.
“This affected key financial statements line items such as and not limited to inventories, revenue, cost of goods sold, group consolidation, trade receivables, fixed deposits, goodwill, cash and bank balances, and bank borrowings,” it added. — Bernama
