Do u guys know auditor if let the company having a modified auditor report, if it having problem will let their firm go to trouble, and the accountant will be disqualifed his cert?
Ernst & Young was 1MDB’s first auditor who were fired before they completed the company’s financial audit in 2010. They were replaced byKPMG who were eventually fired as well in 2013 when they refused to validate accounts worth US$2.3 billion. As for the third firm, Deloitte didn’t just quit, they also issued a statement saying that their earlier financial reports were no longer reliable after the US DOJ’s investigation on 1MDB:
“The complaint (filed by DOJ) contains information, which, if known at the time of the 2013 and 2014 audits of 1MDB, would have impacted the financial statements and affected the audit reports and, accordingly, those audit reports issued by Deloitte Malaysia dated March 28, 2014 and Nov 5, 2014 respectively in connection with the 2013 and 2014 financial statements of 1MDB should no longer be relied upon.” – Deloitte statement,as quoted by Malaysiakini
Deloitte quit in July 2016, and in OctoberSecond Finance Minister Johari Abdul Ghani mentioned that 1MDB was still unable to find a auditor. When asked why they were having trouble finding one, his response was:
“I think they want to look for an auditor that is willing to accept the job.” – Johari Abdul Ghani,as quoted by Malaysiakini.
The reason why hiring a reputable auditing firm is important is because of the confidence that they can do a proper job. As an example, if Halal is important to you, would you rather buy a product certified by JAKIM or Uihua & Partners? Similarly, auditing firms are also careful about their reputations because a scandal could cause their entire company to collapse overnight – a case in point being the Enron Scandal.
Special highlight for those ppl lack of understand about wht I say. The reason why hiring a reputable auditing firm is important is because of the confidence that they can do a proper job
Active stocks like Fronken and Dnex are under correction now. But this XDL still very strong. Although it gets very poor response from retailers, they still put in very hard effort to maintain the share price above 0.25. Are they aiming for 0.40 in near term? Or they have not finish distribute their shares?
XiDeLang to receive RM133.8 million from ODM orders
KUALA LUMPUR (August 8): XiDeLang Holdings Ltd’s wholly-owned subsidiary, HongPeng Fujian Shoes and Garments Co Ltd, has signed a Memorandum of Collaboration (MoC) which will see it receiving original design manufacturing (ODM) orders of no less than RMB210 million (RM133.8 million).
The sports shoe company saw its subsidiary sign the MoC with YeLi International Ltd today for a contract period of 24 months, or two years, XiDeLang said in a press statement.
YeLi International specialises in high-end footwear and has longstanding collaborative relationships with brands such as TEMPE SA of the Inditex Group and Intersport, the world’s largest sporting goods retailer, XiDeLang said.
“Through this strategic collaboration, YeLi will be receiving product development and technical support from HongPeng Fujian,” said XiDeLang group managing director and chief exectuve officer, Ding PengPeng.
According to XiDeLang, HongPeng Fujian’s clientle currently includes brands such as Zara, Pull & Bear and Diadora.
This follows the subsidiary’s signing with Global International Footwear (Hong Kong) Co Ltd in May, which saw XiDeLang receiving orders of not less than RMB160 million.
Shares in XiDeLang closed down 0.5 sen today at 25 sen a piece on 148,200 shares traded. The group has a market capitalisation of RM168.47 million.
Share price = reputation? Then u should be buy a lot exp share, buy in cheap and sell in high, not buy share at high and cut loss when drop XDL still cheap, it's wont go to 0.2 Stay tune!
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
jackng06
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Posted by jackng06 > 2017-07-26 22:22 | Report Abuse
XDL having a professional auditor what should we scare?
if XDL having such a problem, it should disclose in the financial statement