KUALA LUMPUR: Serba Dinamik Holdings Bhd says Nexia SSY has received professional clearance from KPMG to be the former's new external auditor.

The appointment was effective from August 3 and was in accordance to Section 320 By-Law of the Malaysia Institute of Accountants, said Serba Dinamik in a Bursa Malaysia filing today.

"The board also wishes to announce that Nexia SSY, having consented to act via their written consent to act as auditors of the company dated August 3, 2021, is appointed as the statutory auditors of the company," it said.

On July 26, Serba Dinamik nominated Nexia as its new external auditor after the position was vacant following the resignation of KPMG. 

KPMG had resigned after reportedly flagging what it alleged to be more than RM4.54 billion in questionable transactions by Serba Dinamik.

Serba Dinamik had then sought legal redress against KPMG.

Nexia SSY reportedly would audit Serba Dinamik's financial accounts for the year ended June 30, 2021.

Nexia SSY is an independent member firm of Nexia International, a leading global network of independent accounting and consulting firms.

Nexia is currently ranked the eighth largest accounting firm in the world by the International Accounting Bulletin Survey 2021 and with operations in more than 128 countries.

Serba Dinamik chairman Datuk Mohamed Ilyas said its board of directors, including the audit and risk committee, was committed to ensuring the nomination was based on the objectivity and independence as well as the sound performance of the external auditor.

He said Nexia's appointment was based on the criteria set by the board which was in line with legislative promulgations such as Companies Act 2016, Capital Markets and Services Act 2007 (Amendment 2012) and Listing Requirements.

https://www.nst.com.my/business/2021/08/714912/kpmg-clears-nexia-ssy-be-serba-dinamiks-new-external-auditor