Ng Ying Huey (25315) in her capacity as a partner of Messrs. Low & Co. (‘Firm’) and as appointed auditor of Fu Yat (M) Sdn Bhd and Dynivest Progress Sdn Bhd (‘Audit Clients’) had been punished and imposed a suspension of 1 year effective 1/4/2021 and costs of RM4000-00 by the Disciplinary Committee of the Institute on 12/1/2021 for committing an act of creating threat to independence when she had provided auditing services to the said Audit Clients, whilst her sister, one Ng Ying Sye was the company secretary of the said Audit Clients during the material time, from 7/8/2017 to 6/9/2018 and 18/8/2017 to 8/6/2018.
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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