Pearlwhite's commentaries
Serba Dinamik is ever so helpful, but the rest refuses to leave Malaysia to finalise the SIR.
Ç·earlêhite
Publish date: Tue, 07 Dec 2021, 08:50 AM
Ç·earlêhite
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Pearlwhite's commentaries
In respect of the article, it is recommended that you consult with a Certified Accountant/Chartered Accountant/Chartered Internal Auditor, Chief Financial Officer, Legal Counsel and/or Tax Advisor for advice concerning the article.
In respect of the article, it is recommended that you consult with a Certified Accountant/Chartered Accountant/Chartered Internal Auditor, Chief Financial Officer, Legal Counsel and/or Tax Advisor for advice concerning the article.
Bursa, EY and The Edge - The number is seen but cannot be seen otherwise
By Pearlwhite 2nd December 2021, 6.50PM (updated 3rd December 2021, 9.45AM)
That’s right, RM1.438 billion of audit discrepancies that cannot be verified. What could that RM1.438 billion be? What does it consist of?
We now know for sure it must be verified at its physical place and location outside of Malaysia (see below for commentary from CEO Karim Abdullah). This is crucial for two reasons:
Firstly, the discrepancies of up to RM3 billion that were resolved are within Malaysian borders. Moreover, some of the RM3 billion of resolved discrepancies were related to companies which had KPMG as their external auditor.
Secondly, this is huge setback for market speculation of fictional contracts, revenue, receivables, vendors, assets and stocks since auditors do not commence with site visits unless and until after documentations and signed confirmations have been audited.
So why would physical place and location verification be so important then? Physical sighting as auditors calls it, is important because it confirms “existence”. Existence is the objective reality or being visible to our eyes. Existence is what gives credibility and legitimacy to the to what are stated in the financial statements.
If existence cannot be verified, whatever that is stated in the financial statements can be fictional, no matter the documentation and signed confirmations. For all you know, when its fictional, it may well be a signed confirmation from a monkey, is a typical auditor joke.
Areas that require sighting includes assets, customer and vendor premises and stocks.
So far, SD has given all co-operation and assistance needed to expedite the completion of the SIR. However, if the parties involved are un-willing to cross Malaysia’s borders, then RM1.438 billion will forever be seen but cannot be seen otherwise.
So, with the documentations and signed confirmations in file, let’s go sightseeing and photograph the places of interests.
Serba Dinamik’s special audit review facing ‘operational matters’
Wednesday, October 27th, 2021 at Markets | News
“Hopefully the easing of standard operating procedures on Covid-19 restrictions in different countries can help to expedite the verification process. It depends on agreement or cooperation of all parties involved,” he told The Malaysian Reserve when asked about the date the group will be able to announce the findings.
* In respect of the article, it is recommended that you consult with a Certified Accountant/Chartered Accountant/Chartered Internal Auditor, Chief Financial Officer, Legal Counsel and/or Tax Advisor for advice concerning the article.
It is not recommend that consultations be made with Certified Financial Analyst, Brokers, Traders and/or MBA/MA Finance Graduates as they are deemed not to have the necessary competency and skills to evaluate and advise on such matters discussed in the article.
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Discussions
Be the first to like this. Showing 11 of 11 comments
Yes it is very clear/obvious by now fraud accounting and book cooking. But some Malaysians live in different reality and still insist Najib is innocent.
On 1MDB and SRC, the then-Attorney General Mohamed Apandi Ali was convinced of Najib’s innocence, exonerated him altogether, and preferred no charges.
2021-12-07 10:34
Correctloh...they should have cut loss instead of hanging on, in a sinking ship loh!
Posted by Sslee > Dec 7, 2021 10:34 AM | Report Abuse
Yes it is very clear/obvious by now fraud accounting and book cooking. But some Malaysians live in different reality and still insist Najib is innocent.
On 1MDB and SRC, the then-Attorney General Mohamed Apandi Ali was convinced of Najib’s innocence, exonerated him altogether, and preferred no charges.
2021-12-07 10:39
Quote:" So far, SD has given all co-operation and assistance needed to expedite the completion of the SIR. However, if the parties involved are un-willing to cross Malaysia’s borders, then RM1.438 billion will forever be seen but cannot be seen otherwise."
What do you meant by other parties no wanting to cross border? Hello, you think EY is shop lot auditor? KMPG and EY have branches all over the world, they dont have to fly to Middle East to verify, they can tell their people in middle east to verify for them. No need to take plane.
You are trying to brainwash yourself.
2021-12-07 19:16
OMG!!!
What delusional person is this MS Pucat aka PearlWhite.
EY has already commented that SD is not cooperative and had to go to SC for some documents.
And to the comment that EY only discovered RM1.4 bil compared to KPMG is because SD refused to cooperate with EY to disclose info or documents and hence thus far have discovered RM1.4 bil discrepancies.
It maybe even worse than what is disclosed by KMPG when EY finishes the SIR!!!
2021-12-07 23:43
I worked in Big 4 before. Like any other big firm, EY doesn't have to cross border to verify the RM1.4 billion discrepancies, they definitely have the branch office that can help to do the verification. There must be something very wrong with SD.
2021-12-08 00:27
I have highlighted many times before. Chef Karim problem is because he is unwilling to pay for quality ingredients. You don't see INIX, Focus or whatever shit got into such troubles right even though the ultimate motive is the same.
Typical Sarawakian chinese boss mindset. You pay peanuts, you get monkey.
Those mistakes were so obvious by his account departments. I don't blame them knowing how much their pay is.
I warned my account to avoid these silly mistakes as we are planning listing too
2021-12-08 14:59
This pearl white is another typical example of paying peanuts. His write up is so confusing. Remind me of the newly appointed chairman
2021-12-08 15:01
We need to pakai otak abit mah!
If those doubts items cannot be cleared & audited bcos of countries SOP, it is best serba share continue to be suspended pending the clearence of the above matters mah!
If Serba listing suspension is premature lifted...there is a high risk that naive innocent investors will kena slaughtered by the insiders shark mah!
Lu tau boh ?
2021-12-08 18:34
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Stinking Dinmaik... with plenty of shitt to hide. Isn't it obvious or isn't it...??
2021-12-07 10:13