The Securities Commission’s (SC) Audit Oversight Board (AOB) has fined Grant Thornton Malaysia PLT (GTM) MYR150,000 (USD34,400) and its audit partner, Mohamad Heizrin Sukiman, MYR37,500 for breaching key audit partner rotation rules. The SC stated that Heizrin violated the Malaysian Institute of Accountants’ By-Laws on Professional Ethics during the transition period of the revised regulations. Heizrin served as both engagement partner and engagement quality reviewer on the audit of a Public Interest Entity (PIE) from 2013 to 2017, but failed to observe the mandatory three-year cooling-off period, leading to his involvement in the audit for over seven years. The SC emphasised the importance of auditors’ independence and compliance with ethical standards, affirming the penalties after GTM and Heizrin appealed the AOB’s enforcement action.