KUALA LUMPUR (Aug 18): The Securities Commission’s (SC) Audit Oversight Board (AOB) has banned Ahmad Aljafree Mohd Razalli from auditing public interest entities or scheduled funds for one year, starting April 30, due to failure to follow auditing standards.

In a statement, the SC said Aljafree was also fined RM50,000.

Aljafree, a partner at Al Jafree Salihin Kuzaimi PLT, was banned for one year by the AOB for not following relevant international standards on auditing while handling a listed company’s accounts for the financial years ended June 30, 2020, and June 30, 2021. The issues involved prior year adjustments, asset valuation, opening balances, and consolidation.

Aljafree appealed against the imposed penalty, but did not appeal the prohibitions imposed. The SC said it dismissed the appeal, and affirmed the AOB’s decision on the monetary penalty.