What was this news took about is an audit partner, auditor jailed for one year and fined RM 400,000 for misleading disclosure of Financial information. Abetting United U-Li Corporation Berhad in making a misleading information to the Bursa Malaysia.
It was the first case happened in Malaysia.Oct 21,2015, this news are happened in Kuala Lumpur. A licensed audit partner was convicted in Kuala Lumpur Sessions Court by today because for abetting a public list company to make a misleading statement in audit result to the Bursa Malaysia. This is an offense under section 122B (b), and (bb) is read in conjunction with section 122C (c) of the Securities Industry Act 1983 and make a misleading statement.
This United U-Li audited financial results was misleading statement in relation and it financial results profit before tax for the financial year ended was inflation to 26%. The auditor partner was into jailed for one year and have to pay fined of RM400,000 with sentenced to imprisonment for six months due to illegal. This also is the first case happened in the Securities Commission Malaysia was brought the auditor to the court for abetting the public list company to make a misleading information to the Bursa Malaysia. He was indicted in April 2009 and the trial commenced in March 2011.
Judge said that public interest is the primary consideration for such crimes. He further pointed out that in order to maintain investor confidence and market integrity, this crime should not be underestimated. Above is the news about of audit partner abetting in make a misleading statement to Bursa Malaysia and Securities Commission Malaysia.
In my personal opinion, I was think about why he wanted to abetting the United U-Li Corporation Berhad in make a misleading statement to Bursa Malaysia and why he want to make himself to jailed? He make a misleading statement to get the financial results inflation to 26% profit before tax for the year ended. May be he wanted to get his financial results to be perfect and excellent so that, he can get more investment, profit and retained earnings.
To have more investor to investment his company and have a confidence with the company but actually is not a true. This may is he intentions to have a misstatement to Bursa Malaysia. In addition, the public interest also is the first consideration for offences of this nature. It will be happen is because the audit partner wanted to obtain a high public interest, so that he make a misleading statement and abetment the public list company to give the company or that person benefit. For an auditor must know that this is an offense. Should not happened.
An auditor have to be true and fair view to the financial results, can't be hide the facts, make a misleading to that and it also can't abetting people to make a fraud. He have to give a qualified opinion to his audit result not make a misstatement. This kind of public interest should not be underestimated. It can become a crime. Because of greedy, people will be doing something illegal to give more interest or profit to themselves.
The news are took about what happened occurred in Malaysia. It was about an audit partner.
Below is the link of the news:
http://maganzine.coassets.com/2015/10/23/audit-partner-jailed-one-year-fined-rm400000-for-misleading-disclosure-of-financial-information
http://www.theedgemarkets.com/my.article/auditor-jailed-abetting-united-u-li-inflating-profit-figure
http://www.sc.com.my/postarchive/audit-partner-jailed-one-fined-rm400000-for-misleading-disclosure-of-financial-information/
It was the first case happened in Malaysia.Oct 21,2015, this news are happened in Kuala Lumpur. A licensed audit partner was convicted in Kuala Lumpur Sessions Court by today because for abetting a public list company to make a misleading statement in audit result to the Bursa Malaysia. This is an offense under section 122B (b), and (bb) is read in conjunction with section 122C (c) of the Securities Industry Act 1983 and make a misleading statement.
This United U-Li audited financial results was misleading statement in relation and it financial results profit before tax for the financial year ended was inflation to 26%. The auditor partner was into jailed for one year and have to pay fined of RM400,000 with sentenced to imprisonment for six months due to illegal. This also is the first case happened in the Securities Commission Malaysia was brought the auditor to the court for abetting the public list company to make a misleading information to the Bursa Malaysia. He was indicted in April 2009 and the trial commenced in March 2011.
Judge said that public interest is the primary consideration for such crimes. He further pointed out that in order to maintain investor confidence and market integrity, this crime should not be underestimated. Above is the news about of audit partner abetting in make a misleading statement to Bursa Malaysia and Securities Commission Malaysia.
In my personal opinion, I was think about why he wanted to abetting the United U-Li Corporation Berhad in make a misleading statement to Bursa Malaysia and why he want to make himself to jailed? He make a misleading statement to get the financial results inflation to 26% profit before tax for the year ended. May be he wanted to get his financial results to be perfect and excellent so that, he can get more investment, profit and retained earnings.
To have more investor to investment his company and have a confidence with the company but actually is not a true. This may is he intentions to have a misstatement to Bursa Malaysia. In addition, the public interest also is the first consideration for offences of this nature. It will be happen is because the audit partner wanted to obtain a high public interest, so that he make a misleading statement and abetment the public list company to give the company or that person benefit. For an auditor must know that this is an offense. Should not happened.
An auditor have to be true and fair view to the financial results, can't be hide the facts, make a misleading to that and it also can't abetting people to make a fraud. He have to give a qualified opinion to his audit result not make a misstatement. This kind of public interest should not be underestimated. It can become a crime. Because of greedy, people will be doing something illegal to give more interest or profit to themselves.
The news are took about what happened occurred in Malaysia. It was about an audit partner.
Below is the link of the news:
http://maganzine.coassets.com/2015/10/23/audit-partner-jailed-one-year-fined-rm400000-for-misleading-disclosure-of-financial-information
http://www.theedgemarkets.com/my.article/auditor-jailed-abetting-united-u-li-inflating-profit-figure
http://www.sc.com.my/postarchive/audit-partner-jailed-one-fined-rm400000-for-misleading-disclosure-of-financial-information/
ReplyDeleteThank you for sharing the information.
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