KUALA LUMPUR (March 5): Securities Commission Malaysia (SC) said its Audit Oversight Board (AOB) has publicly reprimanded two auditors of Morison Anuarul Azizan Chew (MAAC) for not complying with the International Standards on Auditing when auditing the statements of a public interest entity.

In a statement, the SC said the two auditors — Sathiea Seelean Manickam and former MAAC partner Tan Poh Ling — failed to design and perform appropriate audit procedures for trade receivables and revenue in auditing the entity's 2011 and 2012 financial statements, breaching Section 31Z of the Securities Commission Malaysia Act 1993.

"AOB reminds its registrants to adhere to all relevant requirements of recognised auditing and ethical standards in Malaysia," said the SC.

The AOB came into force in April 2010 to promote and develop an effective audit oversight framework and to promote confidence in the quality and reliability of audited financial statements in Malaysia.