TGS TW quits as auditor for 10 Bursa firms
KUALA LUMPUR: Audit firm TGS TW PLT has resigned as external auditor for at least 10 companies listed on Bursa Malaysia across the Main, ACE and LEAP Markets, in a sweeping move that comes just months after regulatory penalties were imposed on two of the firm’s partners.
KUALA LUMPUR: Audit firm TGS TW PLT has announced it is resigning as external auditor for at least ten Malaysian companies listed on Bursa Malaysia's Main, ACE and LEAP Markets. This significant move follows regulatory penalties imposed on two of the firm's partners earlier this year. The affected companies span the Main Market, ACE Market and LEAP Market, with one Main Market-listed firm, five on the ACE Market and four on the LEAP Market.
TGS TW cited internal realignment and resource allocation decisions as the reason for its resignation, as stated in formal notices received by the companies on August 28. The company's affected boards confirmed there were no unresolved audit issues that needed to be disclosed to shareholders. TGS TW, which had five registered auditors as of July 31, now faces the task of finding replacements and making further announcements once these appointments are confirmed.
These resignations come shortly after the Audit Oversight Board (AOB) of the Securities Commission Malaysia imposed sanctions on two TGS TW auditors - Tan Tian Wooi and Lim Ge Ru - on June 23, 2026. Both were fined for failing to meet AOB registration conditions and violating International Standards on Auditing, particularly in high-risk areas such as the basis for audit opinions, intangible assets, revenue recognition, cost of sales and trade payables at an overseas subsidiary.
Despite the regulatory sanctions, none of the affected companies have linked this to TGS TW's latest resignation.
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