<div class=newsTextDataWrapInner><p>KUALA LUMPUR&nbsp;(Oct 19): The&nbsp;Securities Commission Malaysia’s (SC) Audit Oversight Board (AOB) has barred audit firm&nbsp;RSL PLT and its partners from accepting as clients and auditing public interest entities (PIEs) and schedule funds for a period of 12 months from Nov 1, 2020.</p></div>

<div class=newsTextDataWrapInner><p>In a statement today, the SC said the two partners involved are Lim Lip Chin and Lim Sang Chee.</p></div>

<div class=newsTextDataWrapInner><p>In addition to the prohibition, the AOB also imposed fines of RM175,000 on RSL and RM44,000 on Lim Lip Chin.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>The regulator said the AOB sanctioned the firm and its partners for non-compliance with auditing standards on fundamental and basic audit procedures while auditing a public listed company.</p></div>

<div class=newsTextDataWrapInner><p>“These findings affected key financial statement&nbsp;line items such as investment in associates, property development cost, trade and other receivables, revenue and cost&nbsp;from construction contracts and group consolidation,” it said.</p></div>

<div class=newsTextDataWrapInner><p>The SC said RSL and its partners subsequently appealed to the SC against the AOB’s decisions.</p></div>

<div class=newsTextDataWrapInner><p>However, after deliberation, the SC dismissed the appeal and affirmed the AOB’s decisions.</p></div>


The Securities Commission Malaysia’s (SC) Audit Oversight Board (AOB) has barred audit firm RSL PLT and its partners from accepting as clients and auditing public interest entities (PIEs) and schedule funds for a period of 12 months from Nov 1, 2020.

Audit firm RSL PLT and partners fined by SC, barred from accepting clients for a year

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