The auditors are engaged/appointed by the shareholders in the AGM to take office ( term of office) effective from the AGM to the upcoming AGM where the shareholders can vote to continue to re-appoint the incumbent auditors for another term or not . Once engaged , the auditors are obliged to report the true and fair view of the financial reports free from material irregularities etc under the companies Act ( CA)
The auditors are empowered by CA to conduct statutory audit independently and objectively without inference /duress from Top management . The auditors are at liberty to resign during their terms of office but they must explain the reasons as to why they resign in the EGM where they can shed light on irregularities or otherwise . By the same token, the top management can dismiss the auditors during their term of office , however, the incumbent auditors have the right to call for EGM where they can express their views .
No need to own 100% . Once you have controlled the BOD , you control everything where the cash reserves is at your entire disposal. You can even reclassify the entire cash reserve under " other receivables" but you are expected to pay for the heavy price eventually.
All the Management have said so far is that "business is as usual" .What they are implying is that they can condon this kind of irregularity as if nothing ugly had ever happened. Do you really believe that the investors are so dumb to believe what they say?
Dont be so naïve. It is already gone but it is made to be " ungone/ alive " under other receivables. How it is done ? you go to check with the current management . Jf you cant get the truth from them , then go to check with KPMG who could perhaps shed light on it but I doubt they would do so.........
Posted by limch > 4 minutes ago | Report Abuse Cash reduced because park under other receivables account. If totally gone then police report must make.
bro, as per my understanding receivable isn't that money park under the account it means money has already been forked out and supposed to be received but not yet received correct or not ha?
Drop from above Rm3 to now Rm0.55,company every year still profit,NTA Rm0.46.Low Debt+High Cash position I think Gtronic is below it value.TP should be at above Rm0.75 in short term.
Where is the money forked out to ? Is it legally forked out ? Is " other receivable" collectible ? The truth is from the current management and the incumbent auditors,KPMG
KPMG are reputable external auditors and their audited financial reports carry heavy weights . As such, more and more companies are expected to use them for their financial benefits
It is not a matter of cheapness but a matter of worth. It is not worth your while to take the risk despite of the fact that one men meat is another men poison...............
The so called " high cash cushion " is believed to be depleted faster than you and me could imagine under the interim Management. It is believed that EPF Boards and others have full knowledge of the truth. Their recent exodus was not by coincidence or out of panic.........
Until the dark cloud is cleared by the company itself in a satisfactory manner , its share price is expected to continue to be depressed.No matter what and how it is done, it is believed that EPF Board would not invest in this company as it is once bitten twice shy....... Basically it is kiss and say goodbye forever..........
Joyvest if u are really good at reading financial report , i think u already make loud in forum talk cock about receivable or whatever story before share price tumble ! U are just another hindsight king !
Ooi & his partners sold their stalk to APB at a very high valuation { for the controlling stake} . The price has now plummeted. Business as usual is not a good answer from the Board
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....
joyvest
10,533 posts
Posted by joyvest > 2 months ago | Report Abuse
I have 4 words for you....."open up your minds"