KUALA LUMPUR (October 28): The Court of Appeal ruled in favor of the Securities Commission (SC) on Wednesday and dismissed Andrew Heng’s appeal against the High Court ruling dismissing his application for judicial review.
A statement released by the SC said today that the court also awarded costs of RM 15,000 to the Commission.
On August 2, 2019, the SC Audit Oversight Board (AOB) reprimanded Heng, a partner of Baker Tilly Monteiro Heng PLT, for failing to comply with relevant international auditing standards.
As an engagement partner for the audit of a public interest entity (PIE), AOB found that Heng had not performed sufficient audit procedures and obtained sufficient audit evidence to support the claims. conclusions drawn on the existence of cash and bank balances, and bank overdrafts as at December 31, 2014.
For the year ended 12/31/2014, the PIE has adopted an early deadline of 12/20/2014 for the recording of banking transactions.
“Heng subsequently filed an appeal with the SC to review AOB’s decision. The SC rejected the appeal and confirmed AOB’s actions on November 12, 2019, ”he said.
On the same day, he said that Heng had filed for judicial review to, among other things, overturn the decisions of the AOB and the SC, but the High Court on August 25, 2020, ruled in favor of the SC and declared dismissed Heng’s application for judicial review. with a cost of 10,000 RM to be paid to the SC.
Heng then appealed to the Court of Appeal and the publication of this reprimand, which was suspended by the High Court, was lifted following the decision of the Court of Appeal, a he added.