The Securities Commission Malaysia’s (SC) Audit Oversight Board (AOB) has prohibited Ahmad Aljafree bin Hj Mohd Razalli (Aljafree) from accepting as clients and auditing any public interest entities (PIEs) or schedule funds for a one-year period, starting 30 April 2025.
Additionally, the AOB imposed a fine of RM50,000.
Aljafree is a partner of Al Jafree Salihin Kuzaimi PLT, an audit firm registered with the AOB.
Aljafree was the engagement partner of a public listed company (PLC) client for the financial years ended 30 June 2020 and 30 June 2021.
He failed to comply with the relevant International Standards on Auditing (ISA) in the areas of prior year adjustments, property, plant and equipment, opening balances and consolidation.
Aljafree appealed to the SC against the AOB’s imposed penalty. He did not appeal against the prohibitions imposed.
The SC dismissed the appeal and affirmed the AOB’s decision on the monetary penalty.
