KUALA LUMPUR, April 14 — The Securities Commission Malaysia’s (SC) Audit Oversight Board (AOB) has imposed a monetary penalty on an Ernst and Young (E&Y) PLT partner for failing to comply with requirements of the International Standards on Auditing when auditing a public interest entity.
In a statement today, SC said Sandra Segaran Muniandy@Krishnan was slapped with RM47,500 penalty following an appeal filed by Sandra to the SC.
“Sandra had failed to perform audit procedures to support the basis of the audit opinion for the audit engagement in the area of property, plant and equipment,” the SC said, adding that he had also performed insufficient audit procedures in the area of loans and borrowings, as well as group consolidation.
