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RECENTLY, for the umpteenth time, the office of the Auditor-General of the Federation queried the Ministries, Departments and Agencies of government (MDAS) over malfeasance. As a matter of fact, such queries have become routine in the last few years when the MDAs have basked in mind-boggling corruption while the Muhammadu Buhari administration talks tough about cleaning up the system but does nothing concrete to address the bourgeoning rot. For instance, in a report being considered by the Senate Committee on Public Accounts, the Auditor General queried the Ministry of Petroleum Resources for printing awareness leaflets on the Petroleum Industry Bill (PIB) for the sum of N98.4 million without due process, and the committee also discovered that N39 million was paid into the accounts of two members of staff in the ministry for “project monitoring” within the Federal Capital Territory, Abuja.
KUALA LUMPUR (Dec 16): Securities Commission Malaysia (SC)’s Audit Oversight Board (AOB) has imposed an RM50,000 fine on Morison AAC PLT partner Muhamad Hafiz Che Yusof for non-compliance with the International Standards of Auditing when auditing a public interest entity (PIE).
Muhamad Hafiz, who was an AOB registrant, breached Section 31Z(2) of the Securities Commission Malaysia Act 1993 (SCMA), the regulator said in a statement today.
“As a partner, Hafiz has failed to design and perform audit procedures involving audit of components of the PIE. He had also performed insufficient audit procedures on, among others, going concern assumption, construction contracts, trade receivables and amount owing by associate company,” said the SC.