Seeking Forgiveness

The Chairman of the Audit Oversight Board cum Executive Director at the Securities Commission has not sought renewal of his contract. He has sent messages of farewell to his dearest of colleges thanking them for their cooperation and seeking forgiveness in case he was rude, harsh or unfair to anyone of them.

Personally speaking should the Chairman of the AOB not seek similar forgiveness of those in the Public Interest Entities for their selective cum strategic enforcement. If you study the sites relating to enforcement and sanctions what stands out is the fact that all action seems to be primarly against those from the smaller practices, there seems to be no action against those bigger boys which to say the least is odd. Surely this cannot be the case, or is it?

The latest case on their website is that of Lee Kok Wai, a partner in Crowe Howarth, in this gentleman's case it is claimed that he failed to apply to International Standards of Auditing, bearing in mind that auditing in Malaysia is opinion based!

Now if this be the case, then there are at least two companies that  one could question whether international standards of auditing were applied, one because they incurred tremendous loss is public, Sime Darby re Qatar fiasco, the other has managed to keep its nose above water hence remains unknown even though they flouted prudent standards and I am sure there are many more.

So Mr. AOB Chairman can you please correct/clarify as to why no action was taken against the auditors of Sime Darby, malicious rumours had it that a Director with the auditors was at that time seconded to the AOB and managed to "selesai" the matter, who has since returned to the auditors, and then there is the more malicious rumours that you appointment was facilitied by the Chairman and the ManagingDirector of a large practice, surly cannot be I scratch your back, you scratch mine!

To retain/restore your good name and that of the AOB it is imperative that before you leave you issue a press statement to correct these misconceptions!

We look forward to your assistance, in the event that all that was written above was rude, harsh and unfair, we unreservedly apologise and seek your forgiveness.