@sunnyleong Now let accountants in public to see this annual report.

I not account pro. But logic if got issue, why release the Annual Report?

There is no audited annual report. Only QR report and consolidated 15 months report. No auditor signed off, so no audited accounts.

@sunnyleong

Don’t jump in happiness so fast….

Look carefully… cash flow company is really bad. 9M generated from billions of ringgit turnover. Do business is for cash right.

Liabilities goes up.

Company funded by debt mostly.

No improvement it seems

Critically if take into account audit red flag for FY 2020, this QR hangus

QR report is company prepared.

Annual report compile all 4Q and must be audited

@ggcomliao

Not nice touch on racial... pls tone down 1 notch.. all happy punpipi

INV3ST0R where's the update regarding new auditor? or has Karim gone into hiding?

Also eagerly awaiting this... Dont tell me no new auditor appointed?

@amet2017

Dont know whether to pity you or laugh at you.. or both.

Lose money ok.. dont lose mind

Who is the newly appointed auditor ? Got news yet?

Defend 43 sen for what purpose?? simply tembak this figure?

This morning iHunter said his group will support this share in afternoon with new funds... anyone seen him?

pearlwhite .
Huangbk72 how to absorb such selling.. Syndicate cant think straight??

IT IS NO LONGER SYNDICATE. IT IS SYNDICATE BIG BOSS.

IT IS A POLITIK PARTY

Wah... election maybe soon, better keep money for that ..

Wanna goreng, goreng counter with no looming accounting problem la

how to absorb such selling.. Syndicate cant think straight??

Steve99 Huangbk 72 , yes agree with you ... None .... Let eat popcorn watch show .......

Haha.. been eating popcorn since weeks ago here.. can change to Sebak Chips?

Stock Kingdom The next auditors will not get clean professional clearance from KPMG and the next auditors will definitely carry out more audit evidence tests throughout the audit. All eyes will be on the next auditors and allow no room for mistakes. So the audit won’t be quick to be finished.

By the way, Who is there to take such huge risk job? I am very interested to see which audit firm dare to take such risky order.

Can.. if given mandate directly by SC..

Steve99 let see which auditor dare take the subsequent audit job, E&Y, Pricewater house , Deloitte , Crowe Horwath , ha ha ha

None i think will take up willingly unless coerced by SC..

SD can solve this ..

Beg KPMG to return

Accept auditor issues, take impairment hit.. Management team resign....

Better than this freefall.. hurting all shareholders

It’s accounting issue… how to solve in 1 week or 2?? Work magic also not possible.

Regardless of what others say, I will say EY or any other auditors will have same findings as KPMG

Sack the management… change jockey:

Save Serba!!!

Good luck to those big players like r88 and iHunter...

Hopefully they prop up the price and not ended up long term investor replacing KWSP

Investors are smart people.. if not cannot find counters to make money..

Most importantly, what is the motive for SD not agreeing to sign off SD accounts resulting in billions of market cap losses.

Always start with motive..

SFC1980 gave precise steps.

Ask yourself, why go long way when shortcut is available ? In business world, makes sense ?

Haha.. still posting wrongdoing of KPMG worldwide.

THOSE ARE DUE TO UNDER-AUDITING Similar to 1MDB

SD they over-audited also kena?? Haha

IHunter.. good luck again today.. yesterday ran out of ammo against the big boys?

1) everyone following this case read this presentation? It’s only SD version. KWSP believe?
2) KPMG Malaysia doesn’t have to personally go to Bahrain… they are allowed to use KPMG Bahrain. Not only KPMG Bahrain.. even 3rd party credit assessor worldwide.
3)Before matter blew up, why SD didn’t appoint 3rd party reviewer? Even matter blew up, didn’t do it? Cos afraid ?
4)EY agreed to be new auditor ?
5) Do you think KPMG will defend this in court if they are wrong? They would have bend backwards after getting sued and be a lap dog

Let’s see who is prevail in the end. Either you are in SD camp or not:

The info is all out there.. don’t be misled

1) if SD books are clean, why not appoint 3rd party reviewer immediately as requested by KPMG. This would have solved this issue immediately.

2) Big funds are exiting including KWSP. They are dedicated investing company with deep connections in the business world. No one here has resources that can match KWSP. When they sell like this, it’s exit sign

3) SC governs listed company. SC raided SD based on KPMG information. U think anyone here is smarter than SC ? They raid because they seen KPMG evidence:

4) Market has spoken. Price never recovered.

5) If you are feeling charitable.. pls donate to SPCA.

What benefit KPMG gets from driving down SD share price ? I can’t think of any reasonable reasons.

If SD so sure of their transactions, why till today no independent reviewer appointed ? KPMG themself requested for a 2nd opinion. It’s been months.

Get EY, or even get EY, PWC and Deloitte to verify the audit issues.. give good optics to shareholders.

Have Simple solution but prefer long hard road. No wonder market reacted badly so far. Making useless move in changing chairman, suing, lousy PC..

When in doubt, follow KWSP and KWAP. They are the professionals

rr88 Google lar. That was what happened. They went there. Could not locate the address n returned.

Haha.. google and you arrive at this assumption?

@rr88

Sure or not KPMG Malaysia went to audit in Bahrain? KPMG Bahrain cannot check on behalf?? Local arabic people are better at reading arabic ..

Leno.. your last statement hit the nail.. bullseye

@iHunter
I don't operate companies that I attended, so I have no idea how many auditors. That is CEO/CFO job to deal with them. During presentation, there were at least 3 reps from auditor company .

Then how you arrive at the statement that the auditors for Serba is inexperienced??

To me.. its a bucket of horse wash in that legal suit by SD.. purely to discredit KPMG.

No auditing firm will make errors in the 4 points raised. Even small ones. The points are too "nursery"

iHunter Huangbk72,
Not really. Although I 'm interested with financial aspect, the audit report presentation also talk about many aspect including operations such as it and finance dept.

Anyway, I can't seems to have draft of the SerbaDK audit, but my initial observation is the Assigned Auditor by KPMG is lack of experand probably just completed her training.




May i ask you, how many auditors comes over to your company for auditing purposes? and how many are juniors and seniors? I know it starts with 4 people minimum for a listed company.

Impossible with 0% possibility that Serba audit is done by someone lacking experience and just completed training...

@iHunter

Board meetings dont talk about grammar.. only look at financials.

We are talking about verification of transactions in KPMG vs SD case

@iHunter

KPMG itself also LLP company. U think they wouldnt know??

not suprised limit down.. looking at the sell que

@SFC1980

Not Crisis Management is weak.. its non existent

@pearlwhite

now you say all middle east business operate in such manner?

SD is not the only listed company having business in Middle East.

pearlwhite .
Huangbk72 @pearlwhite

Answer : SD is not the owner and master of the info Kpmg required. (hint: SD need to ask the bigger boss for info., but bigger boss don't layan)

SD employ in balance sheet accounting
BIgger boss employ off balance sheet account

all this accounting, all legit btw.


Either you have or dont have. Auditing dont look at such arrangement.

If what you say is true.. no point auditing SD then..

@pearlwhite

Yeah.. so trivial i dont understand why there is a deadlock.

Even request for 3rd party audit also not done.

This can be solved in weeks.. and not months. Why drag till now?

@telurgoreng

Looking at the 4 points raised.. its frivolous at best, delusional at worst.

There is no way any auditing firm will stonewall any client based on that. It will be suicidal. Dont forget SD can complain to SC about this too.

So its only 1 sided story and weak one at that.

@SFC1980

SC governs listed companies and can compel any auditing firm to work with SD.. if no one dares to take up this work.

So will eventually find an auditor for SD.

The saga keeps getting longer.. Resigning auditors is bad, need few more steps to complete.

The road to clarity grown longer.

Have to buy more popcorn now

@siduit we don’t trust anybody, and we also don’t trust to the auditor’s opinion, because it’s not yet to called as a fact. but the way the act towards those opinion is too much that caused more harm then ever, those issue can be settle more wisely

You mean.. to not cause harm to you, the auditors should accept SD explanation and signs off the account?

@wcc636588

Haha.. that wirajati is ambushing the SD fanboys... he is playing around

@glorymas this is typical politician mindset, fight back kaw kaw!
but sorry wrong handling this time...the boss follows wrong mentor, politician with the arrogant attitude mostly short life and ended up gain no respect...
if rosmah would have to understand this wisdom, apologies sincerely to the country, takes whatever punishment on her, the voting will very soon goes back to najib, then she will comes back richer and stronger

Yes.. agree fully.

Overall a PR disaster appointing this new Chairman and Shafee to sue KPMG.

Listed companies are public company... must show professionalism. I cringed when i saw the youtube broadcast.

@i3lurker

Personally i think quite certain a lawsuit will be filed.. after all the damages assessed and recovery process is over.

@Beautyseeker

Responding is 1 thing.

Whether its accepted is another thing.

Furthermore KPMG requested a 3rd party auditor to come in and check again. This is so commonly practiced in cases of stalemate.

You know in the end, SD didnt want to do this.

@siokar... this Hin Leong case.. later Deloitte may face lawsuits for under- auditing. 16years with Deloitte

@colin888

Can forget the idea SD buying back their shares... when margin call hits, more pledged shares will be released.

So can expect more supply than demand

@Beautyseeker

You are playing the role of KPMG.

U cannot accept transaction record of Serba
U request for further information and clarification
Clarification given cannot be accepted
Stonewalled for months
As an auditor, who do you do to when SD not cooperating.

Either you go SC, Go Internal Audit, Disqualify Audit or Resign.

Material wont go missing cos got purchase invoice and delivery order..

Problem the material on site belongs to some other company..