Baker Tilly sets up Cambodian audit firm

LOCAL audit firm Baker Tilly Monteiro Heng has set up an office in Phnom Penh, Cambodia.

There are only 21 approved audit firms in Cambodia and Baker Tilly Monteiro Heng is one the international firms that has successfully registered as an audit firm in Cambodia, a statement issued by the company yesterday said.

Inspector General to Ministry of Foreign Affairs Hong Panharith was the guest of honour at the official opening of the office in the Cambodian capital Thursday night.

Also present at the event were Bun Honn, the Secretary of State under Ministry of Justice; Sok Soken, Acting Director of Cabinet, Ministry of Commerce; Lim Samkol, Ambassador of Cambodia to Korea; and Teh Sing, President of Malaysia Business Council of Cambodia.

Three Baker Tilly Monteiro Heng Malaysia Group partners have been also admitted as certified public accountants and approved auditors with Kampuchea Institute of Certified Public Accountants and Auditors, namely Executive Partner Andrew Heng, Partner Lock Peng Kuan, and Associate Partner Joe Heng.

Hong Panharith in his opening remarks expressed hope that Baker Tilly Monteiro Heng would contribute to the growth of corporate governance in the Cambodian commercial sector and in the large economy.

“This awareness and institution of corporate governance in our economy would assist the Ministry of Foreign Affairs and international corporation to promote Cambodia as an investment destination,” he was quoted saying in the statement.

Andrew Heng said the office in Cambodia will be assisting the international corporations in the country.

Since the early 1990s, Cambodia has enjoyed over a decade of high average economic growth - 7.1 per cent - driven largely by construction, tourism and since the late 1990s, a rapidly emerging garment sector.

There is an increase in private investment in response to an improved investment climate, with government reforms beginning to show results.

Budgetary performance continued to improve in 2005 with the overall fiscal deficit estimated at 3.1 per cent of gross domestic product, narrower than the average of the previous five years.

“Cambodian stock exchange is planning to commence in December 2009. We are hoping to capture the pie of the pre-IPO transactions in the privatisation of enterprises as well as the international corporations,” said Lock Peng Kuan.

“In view of the global economic slowdown, it will be good strategy to invest in developing market like Cambodia,” he said.

Baker Tilly Monteiro Heng Group (BTMH) was first established in 1978 and is currently one of the leading firms of Accountants and Consultants in Malaysia.

Drawing on the talent of more than 200 people in Malaysia, Baker Tilly Monteiro Heng Group provides a full range of professional services which include audit & taxation, corporate advisory, forensics & investigation, corporate recovery, restructuring & insolvency.— Bernama