KUALA LUMPUR (Nov 29): The Securities Commission Malaysia's (SC) Audit Oversight Board (AOB) has withdrawn the recognition of Singapore-based audit firm RT LLP and its partner Su Chun Keat.

In a statement today, the SC said RT LLP and Su breached AOB's conditions of recognition as they failed to comply with a notice issued by SC which required them to submit the audit working papers of a client, a public-listed company and its subsidiaries within a prescribed time.

The AOB's action was taken under Section 31Q of the Securities Commission Malaysia Act 1993. The section grants the AOB power to revoke, withdraw or suspend registration or recognition of an auditor if the auditor contravenes any terms or conditions imposed by the AOB.

In its statement, the SC did not name the public listed company whose audit working papers RT LLP had failed to submit.

A quick check on Bursa Malaysia showed that RT LLP is the auditor of China-based Practice-Note 17 (PN17) company Multi Sports Holdings Ltd, based on Multi Sports 2017 annual report.

RT LLP was also formerly the auditor of another PN17 China-based company, HB Global Ltd, before its resignation in December last year, according to a Bursa Malaysia filing by HB Global.

It is not clear at this point whether RT LLP is involved in the audits of other Bursa Malaysia-listed companies.