KUALA LUMPUR: The Securities Commission Malaysia's (SC) Audit Oversight Board (AOB) has prohibited Sathiea Seelean Manickam from accepting as clients and auditing any public interest entities (PIEs) or schedule funds for a one-year period, starting Oct 22, 2024.
Additionally, the AOB has imposed a fine of RM87,500 on him.
Sathiea was a partner of Morison Anuarul Azizan Chew, an audit firm formerly registered with the AOB.
He was also the engagement partner of a public listed company (PLC) client for the financial period ended (FPE) Dec 31, 2016 as well as financial years ended (FYE) Dec 31, 2017 and Dec 31, 2018.
According to the SC, Sathiea failed to comply with the relevant International Standards on Auditing (ISA) when auditing the PLC.
"Specifically, he did not obtain sufficient audit evidence to support his audit opinion on audit of group financial statements in key audit areas, namely cash and bank balances, prepayments, and investments," it said in a statement.
The SC said Sathiea had appealed to the SC against the AOB's enforcement action.
However, the SC has dismissed the appeal and affirmed the AOB's decision.