KUALA LUMPUR: The Securities Commission’s (SC) audit oversight board (AOB), has withdrawn the recognition of Singapore-based audit firm RT LLP and its partner Su Chun Keat.

In a statement yesterday, the SC said that RT LLP and Su breached AOB’s conditions of recognition as they failed to comply with a notice issued by the SC which required them to submit the audit working papers of a client, a public-listed company and its subsidiaries within a prescribed time.

The AOB’s action was taken under Section 31Q of the Securities Commission Act 1993. The section grants the AOB power to revoke, withdraw or suspend registration or recognition of an auditor if the auditor contravenes any terms or conditions imposed by the AOB.

In its statement, the SC did not name the public-listed company whose audit working papers RT LLP had failed to submit.

A quick check with Bursa Malaysia showed that RT LLP is the auditor of China-based Practice Note 17 (PN17) company Multi Sports Holdings Ltd, based on Multi Sports’ 2017 annual report.

RT LLP was also formerly the auditor of another PN17 China-based company, HB Global Ltd, before their resignation in December last year, according to a Bursa Malaysia filing by HB Global.

At the time of writing, it was not clear which other Bursa Malaysia-listed firm has engaged RT LLP as its auditor.