Court of Appeal Ruled in Favour of the SC in Judicial Review Application

28 October 2021

The Court of Appeal today ruled in favour of the Securities Commission Malaysia (SC) and dismissed Andrew Heng’s appeal against the High Court’s decision dismissing his Judicial Review application. The Court of Appeal also awarded cost in the sum of RM15,000 to the SC.
On 2 August 2019, the Securities Commission Malaysia’s Audit Oversight Board (AOB) reprimanded Andrew Heng, a partner of Baker Tilly Monteiro Heng PLT, for failing to comply with relevant International Standards on Auditing. As the engagement partner for the audit of a public interest entity (PIE), AOB found that Heng had failed to perform sufficient audit procedures and obtain sufficient audit evidence to support the conclusions reached on the existence of cash and bank balances, and bank overdrafts as at 31 December 2014. For the financial year ended 31 December 2014, the PIE adopted an early cut-off date of 20 December 2014 for its recording of bank transactions.

Heng had subsequently filed an appeal to the SC to review AOB’s decision. The SC dismissed the appeal and affirmed the AOB’s actions on 12 November 2019.

On 12 November 2019, Heng filed an application for a Judicial Review to inter alia set aside both the AOB and SC’s decisions. On 25 August 2020, the High Court ruled in favour of the SC and dismissed Heng’s Judicial Review application with cost of RM10,000 to be paid to the SC. Heng subsequently appealed to the Court of Appeal.

The publication of this reprimand, which was subject to a stay of execution by the High Court, has been uplifted following the decision of the Court of Appeal.


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