Ng Ying Huey (25315) as a sole proprietor of Messrs. Ying & Associates (‘Firm’) had been punished and imposed a fine of RM2000-00, costs of RM4000-00 and reprimanded by the Disciplinary Committee of the Institute on 12/1/2021 for having impaired the independence of the Firm as a statutory auditor by sharing its head office with the company secretary who is also her close family member of certain of its audit clients, up to 31/3/2018 as revealed by the practice review conducted on the firm by the Institute.
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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