Chong Loong Choy (3042) as the auditor of Kuantan Flour Mills Berhad (‘KFMB’) for the financial year ended 30/9/2017 had been suspended for 1 month effective 15/5/2023, imposed a fine of RM5,000, costs of RM5,000 and attend a course of instruction relevant to the International Standards on Auditing (‘ISA’) by the Disciplinary Committee of the Institute on 4/4/2023 for failing to comply with the requirement of ISA 570 – Going Concern, during his audit of the financial statements of KFMB for the said financial year which led to an inappropriate audit opinion in breach of ISA 570 being issued.
The use of the word ‘Accountant’
In Malaysia, the word ‘Accountant’ is protected as provided for under the provisions of the Accountants Act 1967 which states that no one can hold himself out or practise as an Accountant unless he is registered as a member of the Malaysian Institute of Accountants.
‘The Malaysian Institute of Accountants is committed to the observance and practice of the highest ethical standards of the accountancy profession. All PC holders are reminded that under the MIA By-Laws (On Professional Ethics, Conduct And Practice), no person shall practice or hold out anything on audit/tax services without a license approved by the Ministry of Finance. Every PC holder is therefore expected to comply fully with Section B200.1 to B200.6 of the MIA By-Laws (On Professional Ethics, Conduct And Practice) failing which, you may be held liable for unprofessional conduct and disciplinary action may be taken against you.’
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