The following is an article extracted from The Edge Markets dated December 16, 2020: 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 auditing standards 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. It said Hafiz did not file any appeal against the AOB's decision within the prescribed time provided in the SCMA. (Source: The Edge Markets https://www.theedgemarkets.com)

REQUIRED:

(a) Explain the roles of the Audit Oversight Board (AOB). (4 Marks)

(b) Besides the Securities Commission Malaysia Act (SCMA)1993, describe TWO (2) other regulatory frameworks governing the practice of auditors in Malaysia. (4 Marks)

(c) Discuss ONE (1) fundamental principle as stated in the MIA By-Laws (On Professional Conducts and Ethics) that has been violated by the accused in the above case. (4 Marks)

(d) Discuss the legal implications and liabilities to be borne by the accounting firm to its client as a result of the facts described in the above case. Support your discussion with ONE (1) common law case. (8 Marks)

PLEASE ANSWER WITH EXPLANATION IN CLEAR AND DETAIL