Too Chang Kit (22090) as the sole proprietor of Too & Associates (‘the Firm’) had been punished and imposed a fine of RM5000-00 and costs of RM5000-00 by the Disciplinary Committee of the Institute on 17/7/2025 when the company secretary of his assurance clients was his close family member during his engagement period for the Financial Year Ended 31/8/2017 and 31/12/2017 respectively. Such services by his close family member has potentially impaired the independence of his Firm as the statutory audit of his assurance clients from the period 1/9/2016 until 6/2/2018 and 1/1/2017 until 11/6/2018 respectively.
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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