Order of the Disciplinary Appeal Board (‘DAB’) against a member pursuant to the exercise of its powers under Section 21 of the Accountants Act 1967 [Act 94] and Rule 28 of the Malaysian Institute of Accountants (Disciplinary) Rules 2002 [P.U. (A) 229/2002] (‘Disciplinary Rules’)
NG YEE HONG (MEMBERSHIP NO. 19644)
Ng Yee Hong (Mem. No. 19644), as the auditor of 1Malaysia Development Berhad (‘1MDB’) for the financial year ended 31 March 2014 (‘the said Financial Year’), had failed to discharge professional duties with due care and diligence during the said audit of 1MDB in which he had:
- Failed to obtain sufficient appropriate audit evidence that the financial institution in which 1MDB’s investment in Cayman Islands Fund was placed was of good credit ratings as rated by international credit rating agencies.
- Failed to comply with the requirements of ISA 240 paragraphs 17-24 pertaining to the issues in (1.) above.
The DAB in the exercise of its powers pursuant to the Act and Disciplinary Rules:-
- Confirms the suspension for two (2) years imposed by the DC effective 1 June 2025 to 31 May 2027;
- Confirms the imposition of a fine of RM5,000.00 imposed by the DC;
- Confirms the costs and expenses of RM228,287.77 to be paid by the member in respect of costs and expenses of and incidental to the disciplinary hearing before the DC and the investigation conducted by the Investigation Committee (“IC”); and
- Orders the member to pay the costs and expenses of and incidental to the deliberation by the DAB of RM80,250.55.
This Order took effect on 29 April 2025.
