Categories: Complaints & Sanctions, DecisionsPublished On: 29/08/2022

Yeoh Nam Kooi (1022):-

  1. as the sole proprietor of Messrs. MY & Co. (‘the Firm’) had been suspended for 9 months effective 1/9/2022, imposed a fine of RM3000-00 and costs of RM4000-00 by the Disciplinary Committee of the Institute on 29/8/2022 for he :-
  • on or about 7/9/2018 [i.e., the date he signed the Auditors’ Report in the Reports and Audited Financial Statements for the FYE 31/3/2018 for O.A.A. Heavy Machinery Sdn. Bhd.) (‘OHM’)];
  • on or about 15/10/2018 [i.e., the date you signed the Auditors’ Report in the Reports and Audited Financial Statements for the FYE 30/6/2018 for M.R. & Sons Vehicle Parts Sdn. Bhd (‘MSVP’)],
  • on or about 15/6/2017 [i.e., the date you signed the Auditors’ Report in the Reports and Audited Financial Statements for the FYE 31/12/2017 for Resana Sdn. Bhd. (‘RSB’)] ; and
  • on or about 12/6/2018 [i.e., the date you signed the Auditors’ Report in the Reports and Audited Financial Statements for the FYE 31/12/2017 for KLCY Services Sdn. Bhd. (‘KLCY’)], collectively referred to as his “Audit Clients”.

whereby he had, via a letter dated 7/1/2020 revealed to the Complainant that he had a close relationship with the company secretaries of his respective Audit Clients, in that they either assisted him in managing the Firm or participated in doing the audit work of the Firm, thereby he had impaired his professional independence as a statutory auditor.

  1. as the sole proprietor of Messrs. MY & Co. (‘the Firm’) had been suspended for 9 months effective 1/9/2022 and imposed a fine of RM3000-00 by the Disciplinary Committee of the Institute on 29/8/2022 for he had during the period from 27/12/2016 till 22/12/2017 where a purported audit staff in the Firm was appointed as the Director of RSB, an audit client of the Firm, till the date the Reports and Audited Financial Statement for the FYE 31/12/2016 for RSB was filed with SSM, had signed-off the auditor’s report of RSB, for that financial year, despite the purported audit staff was a director of RSB.
  2. as the sole proprietor of Messrs. MY & Co. (‘the Firm’) had been suspended for 9 months effective 1/9/2022 and imposed a fine of RM3000-00 by the Disciplinary Committee of the Institute on 29/8/2022 for he had during the period from 26/10/2017 till 12/6/2019 (‘the 1st material time’) had acted as the auditor for KLCY in its Report and Audited Financial Statements for the FYE 31/12/2017 and 31/12/2018, despite two of his staffs are also acting as the directors of KLCY during the material time. The 1st material time is the date of both staffs were appointed as directors of KLCY till the date the Report and Audited Financial Statement for KLCY FYE 31/12/2018 was lodged with SSM. Further, during the period from 13/6/2019 till 4/2/2020 he had continued to act as the auditor for KLCY despite the two staffs remain acting as the directors of KLCY and also as staffs of the Firm simultaneously.
  3. as the sole proprietor of Messrs. MY & Co. (‘the Firm’) had been suspended for 9 months effective 1/9/2022 and imposed a fine of RM3000-00 by the Disciplinary Committee of the Institute on 29/8/2022 for he had on or about 4/2/2020 (‘the material time’) had shared a significant component of professional resources in the Firm and KLCY being human resources wherein the two staffs were acting as the directors of KLCY and at the same time performed the audit work for the Firm and induced the Firm’s potential clients to appoint the Firm as their auditor and KLCY as the company secretary simultaneously.
  4. as the sole proprietor of Messrs. MY & Co. (‘the Firm’) had been suspended for 9 months effective 1/9/2022 and imposed a fine of RM3000-00 by the Disciplinary Committee of the Institute on 29/8/2022 for he had on or about 8/12/2018, 7/1/2020 and 4/2/2020 (‘the material times’) had impaired the Firm’s professional independence by engaging with suspicious and questionable business arrangements between the Firm and MYCO Management (‘MYM’), KLCY, Ng Beant & Company (‘NBC’), Top Business Advisory Sdn. Bhd.(‘TBA’) and Zailan & Associates (‘ZA’) respectively.
  5. as the sole proprietor of Messrs. MY & Co (‘the Firm’) had been imposed a fine of RM3000-00 by the Disciplinary Committee of the Institute on 29/8/2022 for having advertised, promoted, and/or represented in the Firm’s website known as http://mynco.weebly.com on or about 4/2/2020 that the

Firm offers amongst others tax services which may lead the public at large to infer that he is a tax agent when in fact his tax agent license had expired on 16/7/2006.