Posted by Stock Kingdom > 2021-06-30 11:46 | Report Abuse

Yes, auditor was sentenced fine & jailed in Malaysia few years back.

Directors inflated by including the near future sales figures & auditor certified it even he knew before hand that it was not appropriate.

Finally All directors were fine by SC only while THE AUDITOR WENT TO JAIL.

I personally know that auditor, pity him. He knew the directors well & thought did it as favour, since the sales was only about 10% & was genuine.

Can we blame SC? No, rules are rules, auditors must know how to protect themselves FIRST no matter what.

———++++++++————
ahbah Auditors got go to court meh ?
30/06/2021 11:29 AM

Posted by AlsvinChangan > 2021-06-30 11:51 | Report Abuse

Can an audit company banned from practice?

IF YES, any examples?

Posted by Stock Kingdom > 2021-06-30 11:52 | Report Abuse

Agreed.

There are loopholes here & there in Serba announcements if you read carefully. Beware of it. Ordinary people who are not well trained in legal area will find it no issue.

Auditors are always careful with the words used, the lesser the better.
Opposite to lawyer, the more the better, so that you can’t find North :)

————-++++++++————
qqq3333 I was an auditor before and so also kingdom I believe... on this issue it's understandable that people who were never auditors before get the issues wrong.
30/06/2021 11:01 AM

Posted by Stock Kingdom > 2021-06-30 12:00 | Report Abuse

Yes, it happened, by SC. Audit firm cannot audit PLC due to incompetent.

Go check google, all are there.

———-++++++++————-
AlsvinChangan Can an audit company banned from practice?

IF YES, any examples?

Posted by ahbah > 2021-06-30 12:03 | Report Abuse

Thanks.

Posted by OrlandoOilSemiconIoT > 2021-06-30 12:20 | Report Abuse

Auditor

Jz academic

Take up tis audit




OrlandoOilSemiconIoT Ok good.. insider


Ok let's make u a shadow 1 man audit team attempting to audit Serbadks MATERIALS ON SITE


1. For an O&M service provider like Serbadk materials on site comprises?

Kindly provide detailed breakdowns


2. For an O&M service provider like Serbadk is it a fair assumption that the materials on site are located at Serbadks customers premises with only a small part located at Serbadks own premises?

Kindly provide detailed breakdowns

30/06/2021 8:11 AM

Posted by stockraider > 2021-06-30 12:23 | Report Abuse

It is good that Serba need Kpmg help for the EY review, this means KPMG can collect back all its outstanding audit fees loh!

Posted by OrlandoOilSemiconIoT > 2021-06-30 12:27 | Report Abuse

Make it auditorS

young n old

current n ex

Posted by gohkimhock > 2021-06-30 12:30 | Report Abuse

@stockraider

SerbaDK will still need to settle all outstanding audit fees. Otherwise, KPMG will not give a professional clearance letter to the new auditor whoever it is.

Posted by stockraider > 2021-06-30 12:35 | Report Abuse

Appointment of EY is not appointing serba new auditor for statutory audit by right do not need KPMG clearance letter, but since EY wanted KPMG audit records....EY need KPMG cooperation to do it...Serba has no choice but to pay up despite suing KPMG loh!

Posted by gohkimhock > Jun 30, 2021 12:30 PM | Report Abuse

@stockraider

SerbaDK will still need to settle all outstanding audit fees. Otherwise, KPMG will not give a professional clearance letter to the new auditor whoever it is.

Posted by qqq3333 > 2021-06-30 12:35 | Report Abuse

words of wisdom... auditors less word the better, lawyers currency is words, so many words u will not find true north

Posted by AlsvinChangan > 2021-06-30 12:35 | Report Abuse

Main audit higher assurance

Review audit less assurance

do you agreed?

Posted by gohkimhock > 2021-06-30 12:37 | Report Abuse

@stockraider i am referring to the NEW auditor WHOEVER it is. It might be Deloitte or PWC. As for special independent revier, KPMG will give the cooperation to EY as this case is now under the radar of SC and Bursa.

Posted by qqq3333 > 2021-06-30 12:38 | Report Abuse

thousands of lawyers in Malaysia, Serba has to find Najib lawyers..... this gave Malaysians a shock.

Posted by stockraider > 2021-06-30 12:40 | Report Abuse

In this case KPMG will need to give to clearance letter loh...1 to EY for the review & the other clearance for appointment of new statutory audit auditor later loh!

Posted by gohkimhock > Jun 30, 2021 12:37 PM | Report Abuse

@stockraider i am referring to the NEW auditor WHOEVER it is. It might be Deloitte or PWC. As for special independent revier, KPMG will give the cooperation to EY as this case is now under the radar of SC and Bursa.

Posted by Lukey_Greek > 2021-06-30 12:43 | Report Abuse

Only ppl work in audit line or finance division know how serious are these ‘trivial’ issues.

Posted by gohkimhock > 2021-06-30 12:46 | Report Abuse

@stockraider SerbaDK will still need to appoint an external auditor right? The auditor cannot be appointed legally without the professional clearance letter from previous auditor.

The role of special independent reviewer does not need professional clearance letter. EY just need to access some working papers from KPMG only. But with KPMG's consent. EY will not give any audit opinion after it had done its job. Only the auditor can do it.

I am not sure why you are still confused..

Posted by qqq3333 > 2021-06-30 12:53 | Report Abuse

for traders and retailers Serba at this price looks attractive for a trade but I will advise against it.

Posted by gladiator > 2021-06-30 13:14 | Report Abuse

I am wondering too why must use Najib lawyer. Should not hire a lawyer link to politician, it will make Serba looks like a political NGO

Posted by Stock Kingdom > 2021-06-30 14:03 | Report Abuse

As I said earlier, as long as there is court case against KPMG by Serba, it is impossible for KPMG to open its files because the information has now become confidential court evidences.

Imagine this way:

A sue B to court, and then later ask B, you must help me, give me what you have on hands.

Quite a joke for asking help from someone you are now suing.

Nothing to do whether help or not help, professional or not.


So, When i saw Serba announcement that need help from KPMG AND comment from the famous long nose lying Chairman said “the ball is at the court of KPMG”

I REALLY FELL DOWN FROM MY CHAIR & CAN’T STOP LAUGHING

———-+++++++++———-
stockraider KpMG will definitely help mah...bcos being professional mah!

Also being professional definitely kpmg will ask serba to settle all the outstanding fees immediately b4 granting EY access loh

Posted by AlsvinChangan > 2021-06-30 14:07 | Report Abuse

will see on Friday

Your mouth is your heart

Posted by treasurehunt > 2021-06-30 15:00 | Report Abuse

KPMG will never able give an opinion in SB accounts as long as court case is ongoing. SIR severes only Bursa /SC directive purposes.

Posted by OrlandoOilSemiconIoT > 2021-06-30 15:26 | Report Abuse

U keep reading statements wrongly

And now u are no longer even talking sense


If KPMG refuses to cooperate tis is d best outcome for Serbadk


Serbadk will tell SC we try to proceed wit d independent review but KPMG refused to cooperate

As KPMG refused to cooperate as such the independent review cannot proceed



INDEPENDENT REVIEW CANNOT PROCEED DUE TO KPMGs fault




Stock Kingdom As I said earlier, as long as there is court case against KPMG by Serba, it is impossible for KPMG to open its files because the information has now become confidential court evidences.

Posted by OrlandoOilSemiconIoT > 2021-06-30 15:29 | Report Abuse

Stamped NFA case CLOSED

Posted by treasurehunt > 2021-06-30 16:16 | Report Abuse

Bursa and SC don't have the right to ask SD dropping the court case. Suspension coming?

Posted by Stock Kingdom > 2021-06-30 16:56 | Report Abuse

OK OK OK, I know what you wanted to say all these while.

you want to say it’s all KPMG fault, right? I know, I truly know it,

I understand your thought, you believed All these mess & the collapse of Serba price because of KPMG’s fault. I got it, OK?

NOW, IF SERBA CANNOT APPOINT EY AS INDEPENDENT REVIEWER, IT IS DUE TO KPMG’s FAULT, RIGHT?

I TRULY KNOW WHAT YOU SAID, RIGHT? SO LETS GO BACK TO HAVE A GOOD REST & SLEEP, OK?

———-+++++++———
OrlandoOilSemiconIoT
If KPMG refuses to cooperate tis is d best outcome for Serbadk
Serbadk will tell SC we try to proceed wit d independent review but KPMG refused to cooperate
As KPMG refused to cooperate as such the independent review cannot proceed
INDEPENDENT REVIEW CANNOT PROCEED DUE TO KPMGs fault .
30/06/2021 3:26 PM

Posted by OrlandoOilSemiconIoT > 2021-06-30 17:03 | Report Abuse

Why write so long o??


Jz say la.... FINE !!


OK u hv a good rest


Don't let ur dogs out

Posted by AlsvinChangan > 2021-06-30 17:39 | Report Abuse

A real auditor or scam auditor?

your mouth is your heart

Posted by qqq3333 > 2021-06-30 18:04 | Report Abuse

Kpmg will cooperate because it is in the public interest to cooperate

Posted by qqq3333 > 2021-06-30 18:05 | Report Abuse

being professional surely means doing what is in the public interest.

Posted by treasurehunt > 2021-06-30 18:32 | Report Abuse

Suspending of SD is at the best interest of KLSE as a whole. Investors are being hunted of reading SD saga news everyday.

Posted by qqq3333 > 2021-06-30 18:44 | Report Abuse

suspension is non starter

Posted by Stock Kingdom > 2021-06-30 19:47 | Report Abuse

Seem you have issue of understanding little english here, let me explain to you ya, no worry, I understood one.

When i said below:
Your mouth is what your heart is
Words come from you mouth are what you have in your heart
Peace be with you all

It means:
whatever come out of your mouth, are what you have in your heart.
If your heart is full of love, words come out from your mouth will be lovely and pleasant to hear.
Otherwise apply.

——-+++++——-
AlsvinChangan A real auditor or scam auditor?
your mouth is your heart
30/06/2021 5:39 PM

Posted by treasurehunt > 2021-06-30 20:33 | Report Abuse

Sue KMPG? SD has obviously mis managed the situation or being silly. No clean audit report from the external auditors, bankers will demand for repayment of loans. Money doesn't fall from the sky . Bankers and lenders are heavily relying on the audited report in making assessment of loans.

Posted by treasurehunt > 2021-06-30 21:05 | Report Abuse

SD was able to borrow RM 4 billion from the lenders are supported by KPMG clean audit report. Without a clean audit report from big 4, my foot. The lenders of SD are shivering in this high profile saga. Stop being lcly in treating the external auditor.

Posted by Flying Fox > 2021-07-01 10:50 | Report Abuse

thanks for elaborate what happened

So many ikan bilis blindly believe & support what Karim said, may be they are smarter than KPMG, who knows

Posted by qqq3333 > 2021-07-01 11:10 | Report Abuse

Serba at 30 surely attracts a lot of people who think they are smarter than fund managers smarter than Kpmg.

Posted by qqq3333 > 2021-07-01 11:11 | Report Abuse

who knows? pun for fun

Posted by buuchi > 2021-07-01 13:00 | Report Abuse

can someone share the statement of claim?

Posted by treasurehunt > 2021-07-01 14:09 | Report Abuse

"Serba Dinamik said it had filed a civil suit for substantial damages against KPMG on the grounds of alleged professional negligence, breach of contract and breach of statutory duty. KPMG resigned as the firm’s auditor the next day, citing the legal action."

https://www.google.com.vn/amp/s/www.energyvoice.com/oilandgas/asia/333223/four-serba-dinamik-directors-quit-after-firms-suit-against-kpmg-amid-finance-probe/amp/

Posted by OrlandoOilSemiconIoT > 2021-07-01 16:03 | Report Abuse

Tis term is not directed at KPMG

Tis term is EY telling Serbadk u cannot in anyways whatsoever stop us from communicating with KPMG.... we must hv total full unfettered access to KOMG to communication wit KPMG.


So it is basically EY telling Serbadk u cannot limit our scope of work... no limitation of scope

So KPMG can or cannot accept tis term is irrelevant coz it is not directed to KPMG


Haiz u stock kingdom




1. EY need to have full and unfettered access to KPMG PLT for information and confirmation for the purpose of analysing the transactions and concerns highlighted;





OrlandoOilSemiconIoT stock kingdom to interpret tis again carefully tis time


U hv got it wrong again


1. EY need to have full and unfettered access to KPMG PLT for information and confirmation for the purpose of analysing the transactions and concerns highlighted;





Posted by Stock Kingdom > Jun 28, 2021 7:15 PM | Report Abuse 

I have never heard one audit firm can have “full and unfettered access” on the working papers of another audit firm. Never in the history locally & internationally.

Some more that one is KPMG.

Haha, forget the appointment.


Some may think what about apply & get court order to command KPMG handover.

but at what basis? Will KPMG just sit quietly & do nothing letting Serba get the order? By then MIA will jump in to defend for KPMG.


———-++++++———
myinvesting I expect it will be rejected by kp&g due to resigned (no more relationship), confidential and suit case (how to give hold harmless?)

————+++++++———-
1. EY need to have full and unfettered access to KPMG PLT for information and confirmation for the purpose of analysing the transactions and concerns highlighted;

However, in light of the recent resignation of KPMG PLT as the Company’s external auditors, EY required assurance that the above requirements remain in place prior to executing the engagement letter and commencing the review, including a written confirmation from KPMG PLT that co-operation in the form of access and information will be provided to EY for the purpose of understanding the alleged irregularities and anomalies identified, such as

30/06/2021 10:21 AM

Posted by OrlandoOilSemiconIoT > 2021-07-01 16:15 | Report Abuse

Haiz stock kingdom u n ur dogs

Posted by OrlandoOilSemiconIoT > 2021-07-01 16:32 | Report Abuse

So as KPMG needs not provides all its audit working papers jz those related to the issues so do u stil think if KPMG refuses to cooperate is reasonable?

Posted by Stock Kingdom > 2021-07-01 17:06 | Report Abuse

I have been trying to talk to you as simple as possible, but seems like you have some degree of mental block.

Your thought is like you are the boss, auditors should & shall work exactly what you want.

As I said, it's totally fine with yourself & please go ahead with what you think right, OK?

IF YOU ARE STILL NOT HAPPY, JUST GO COMPLAIN KPMG TO MIA, SC & BURSA, IF NOT ENOUGH, MOF & SSM.


---------------++++++++++++------------
OrlandoOilSemiconIoT Tis term is not directed at KPMG
Tis term is EY telling Serbadk u cannot in anyways whatsoever stop us from communicating with KPMG.... we must hv total full unfettered access to KOMG to communication wit KPMG.

So it is basically EY telling Serbadk u cannot limit our scope of work... no limitation of scope
So KPMG can or cannot accept tis term is irrelevant coz it is not directed to KPMG
Haiz u stock kingdom

OrlandoOilSemiconIoT Haiz stock kingdom u n ur dogs
01/07/2021 4:15 PM

OrlandoOilSemiconIoT So as KPMG needs not provides all its audit working papers jz those related to the issues so do u stil think if KPMG refuses to cooperate is reasonable?
01/07/2021 4:32 PM

Posted by Stock Kingdom > 2021-07-01 17:12 | Report Abuse

To put in technical term, your understanding & questions are out of context

Posted by OrlandoOilSemiconIoT > 2021-07-01 18:59 | Report Abuse

Wake up lo

U n ur dogs

Posted by OrlandoOilSemiconIoT > 2021-07-01 19:06 | Report Abuse

Ok la U r OK person

Can't say same abt ur dogs

Posted by OrlandoOilSemiconIoT > 2021-07-01 19:25 | Report Abuse

U r ok person but u r wrong

Posted by n0vice1nvestor > 2021-07-06 17:06 | Report Abuse

Thanks for the insight OP, now only time can tells until the court cases are settled. If proven wrong, Serbadk traders gonna lose a lot. If they do win, back to business lol

Posted by treasurehunt > 2021-10-22 14:54 | Report Abuse

Finally, Serbadk is within the expectation.