Auditor Chengco Seeks To Implement Corrective Measures After AOB Suspension

Chengco PLT, which was suspended by the Audit Oversight Board from auditing Public Interest Entities, including Public Listed Companies and scheduled funds, for two years said it acknowledges the oversight and will implement corrective measures moving forward.

The suspension follows a comprehensive AOB review conducted in 2023, which identified recurring deficiencies in Chengco PLT’s adherence to International Standards on Auditing and Quality Control.

Chengco PLT told BusinessToday that it acknowledged the AOB’s decision and expressed deep regret over the oversights that led to the suspension. In response to the AOB’s initial findings, the firm said it has already implemented a systematic enhancement program. This program focuses on strengthening its quality management framework, elevating control processes, and embedding continuous professional development across its practice.

“These improvements reflect our ongoing commitment to audit excellence and our determination to meet the highest professional standards,” the firm stated, reaffirming its dedication to the fundamental principles of the Malaysian Institute of Accountants: integrity, objectivity, professional competence and due care, confidentiality, and professional behavior.

While the suspension impacts audit services for PIEs, Chengco PLT clarified that all other services remain fully operational, including audit services for non-listed entities. The firm assured clients that there will be no disruption to these services, and all client deliverables will proceed as scheduled.

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