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.