Hahaha, laugh die me, thumbs up

thanks for summarizing it, leno, your explanation save my day

————-+++++++++————-
leno Sebak and Liwa own Block 7

Sebak and Liwa invite Zonecorp to become partner to build something on Sebak and Liwa Land.

Zonecorp as "partner to build" meaning Sebak and Liwa ask Zonecorp to help build something on Sebak and Liwa land.

As an appreciation,
instead of Zonecorp build the thing,
zonecorp give contract to sebak to build the thing
that sebak and liwa ask zonecorp to build
on sebak and liwa land.

U TELL US - WAT FAK IS THIS ?!!
29/06/2021 5:43 PM

Hardly we see any auditors conduct background investigation or physical checks on client's customers or/and suppliers because:

A5) no need. As long as the audit findings & tests on estimates so far were good & in satisfactory manner

A6) cost (audit industry is not big fat but indeed pity little profit industry)

@Goh, here you go, hope it answers your question

SERBA AUDIT HASSLE EXPLAINED - Things KPMG won’t tell you & will never tell you, unless in court

https://klse.i3investor.com/blogs/stockkingdom/2021-06-29-story-h1567087996-SERBAK_AUDIT_HUSSLE_EXPLAINED_Things_KPMG_won_t_tell_you_will_never_tel.jsp

@goh, I am still writing your reply, give you this afternoon

My bet to Serba:

Serba will drop its law suit to KPMG by this week

Unless Serba don’t mind can’t appoint EY as special auditors

Thanks for sharing, myinvesting

————+++++++————
myinvesting Very good points. Now the IR turns into under directive of Bursa instead of KPMG request.
Bursa invokes power under listing rules:

2.24 Special auditor
(1) Where the Exchange is of the opinion that a breach of these Requirements may have
occurred and the appointment of a special auditor is necessary, the Exchange may instruct
the listed issuer to appoint a special auditor to review or investigate the affairs of the listed
issuer, any of its subsidiaries or both, as the Exchange may direct.

IT’S TOTALLY UNUSUAL FOR AN AUDITOR TO CONDUCT PHYSICAL & BACKGROUND CHECK ON CUSTOMERS & SUPPLIERS OF THE CLIENT

Yes for property, plant & equipment and inventories, but hardly on receivables & payables.

Stop there first & let me get back to your questions. I will use KPMG vs Serba as example.

I will illustrate in my next comment.

For your Q2, confirmation for ALL BANKS ACCOUNTS & LOANS/CREDIT FACILITIES is a must. Indeed, all banks in Malaysia will definitely reply.

While debtors confirmation are subject to selection criteria of that audit firm, creditors confirmation (major few) will be sent for those without statements received by clients

————-++++++++++——————
gohkimhock Pls listen to Stock Kingdom. Based on his replies, i can assume he is from the audit line. May i ask you something stock kingdom.

1) The auditors liaise with which person in charge from the company actually? The audit committee(independent directors) or the accountant of the company?

2) i understand that Debtor/Creditor confirmations is a must. What about bank confirmations?

thank you.
28/06/2021 7:46 PM

Hi goh, thanks for asking and your questions triggered me on the things I had overlooked before.

Previously, I only considered & analyzed things from the point of management meeting between KPMG & Serba, based on all publicly available information.

That’s the cut off time line = management meeting where KPMG requested independent review over evidences BUT Serba rejected as Serba thought that was UNNECESSARY

HOW ABOUT BEFORE? WHAT HAD HAPPENED DURING THE COURSE OF AUDIT PRIOR TO THE MEETING?

————-++++++++++——————
gohkimhock Pls listen to Stock Kingdom. Based on his replies, i can assume he is from the audit line. May i ask you something stock kingdom.

1) The auditors liaise with which person in charge from the company actually? The audit committee(independent directors) or the accountant of the company?

2) i understand that Debtor/Creditor confirmations is a must. What about bank confirmations?

thank you.
28/06/2021 7:46 PM

Seriously? Since when that fellow has the belief that those funds belong to his old grandfather?

NOT CORRECT, audit report does not belong to Serba. Furthermore, no report just yet as audit not conclued before resignation.

Audit working papers are private property of an audit firm. No other party can touch it except below 2:

1) MIA can access the papers with sole purpose: to determine the compliance with statutory & other requirements, approved accounting standards and approved auditing standards in Malaysia.

2) IRB, papers can be open to IRB with one purpose only: to assist IRB for tax audit or investigation purposes.


———-+++++————-
Nikmon Report from KPMG should own by Serbak, so should need get access if Serbak allow...but if need consultant KPGM just need serbak pay lo......I believe it can be done, but it may drag the review longer

28/06/2021 7:22 PM

Even without legal case, also impossible.

newbie1111 EY purposely set an impossible request so they can get out of this situation without directly rejecting a job. no way KPMG will provide unlimited access when there is a legal case on going and to their direct competitor
28/06/2021 7:20 PM

I have never heard one audit firm can have “full and unfettered access” on the working papers of another audit firm. Never in the history locally & internationally.

Some more that one is KPMG.

Haha, forget the appointment.


Some may think what about apply & get court order to command KPMG handover.

but at what basis? Will KPMG just sit quietly & do nothing letting Serba get the order? By then MIA will jump in to defend for KPMG.


———-++++++———
myinvesting I expect it will be rejected by kp&g due to resigned (no more relationship), confidential and suit case (how to give hold harmless?)

————+++++++———-
1. EY need to have full and unfettered access to KPMG PLT for information and confirmation for the purpose of analysing the transactions and concerns highlighted;

However, in light of the recent resignation of KPMG PLT as the Company’s external auditors, EY required assurance that the above requirements remain in place prior to executing the engagement letter and commencing the review, including a written confirmation from KPMG PLT that co-operation in the form of access and information will be provided to EY for the purpose of understanding the alleged irregularities and anomalies identified, such as:

No need to say “if able”, now you can buy everyday, because everyday also down

————++++++——-
654321aaa If able to buy down , this counter will be very good
28/06/2021 4:48 PM

Wow, that’s your rule of investment, so scary one,

———-++++++——-
sengtan Even this stock is without fundamental, i think there will be technical support soon..take heart
28/06/2021 4:48 PM

Don’t worry, that something already happening, don’t you know?

———-++++++———
Roy 8 habis lah! Everybody is downgrading SD's share price in their latest reports/comments today. SD must act fast before something more terrible will happen.
28/06/2021 4:49 PM

Everyday drop little by little, what a art to cook frog

Last chance to top up now, so can sell lower tomorrow

O….0.325 borken

Serba become same valuation to those China companies listed at Bursa.

Profit RM1, market price also RM1, what a funny thing to compare

Those who bought 0.45, became sellers at 0.41
Those who bought 0.41, became seller at 0.36
Those who bought 0.36, now become sellers at 0.325
Will those buy at 0.325 now become the next lower seller?

It’s funny to watch

Even though Serba proved RIGHT after many months later, will institutional investors come back again?

Answer is NO!!!

Why? It’s CORPORATE GOVERNANCE ISSUES, Serba is scoring the lowest grade now.

When ikan bilis holding Serba shares, who to push up the price?

May be ikan bilis.

When price fell to 80, rushed in
When price fell to 60, rushed in
When price fell to 52, rushed in
When price fell to 41, rushed in
When price fell to 33, still rush in

Any lessons learned? I guess NOPE

All institutional funds are definitely required to off load Serba shares because of the internal investment requirements.

Serba does not meet the criteria of investment anymore.

Now we can imagine & guess who are the one who are buying.

That’s the reasons ikan bilis always the one die. No rules No criteria No regulations, only emotion & six sense, sure die one

It’s expected for Serba to need more money to meet its coming projects cash flow requirements, where can it get the money?

For example, acquire 49% block 7 project, means Serba must theoretically contribute capital of at least RM3.5bil.

These are how EPCC project work, you need to inject money for capital expenditure before anything.

But reading on the edge report

Serba raised 965mil since 2020 via private placement
Serba sold CSE for 177mil
Serba current bank borrowings stood at 3,980mil, raised from 3,340mil within 3 months from Mar 21

I think for Karim to totally avoid digging further holes in the accounts because of review, he can choose to privatise Serba.

All he needs is RM900mil. Does he has that kind of money now?

Not sure anyone read this in Mplus report:

…..in spite of KPMG’s resignation, Bursa Malaysia requires that the independent review must still proceed. The scope of the review must specifically address, to the SATISFACTION OF THE EXCHANGE, the issues raised by KPMG….

————————————

Do you know how serious on the comment “to the satisfaction of the exchange”?

COME ON, WAKE UP!!!

IT’S NOT BETWEEN SERBA & KPMG NOW, IT’S BETWEEN “SERBA & BURSA” NOW

THIS IS FAKE NEWS!!!
https://klse.i3investor.com/blogs/serbadk_up_up/2021-06-27-story-h1567060185-Serba_Dinamik_Uncle_Tan_do_you_really_know_what_a_Ponzi_Scheme_is.jsp

THIS WAS NOT OFFICIALLY LISTED IN SERBA WEBSITE!!
https://www.e-serbadk.com/serba-news/

THIS IS FAKE NEWS!!!

THIS WAS NOT OFFICIALLY LISTED IN SERBA WEBSITE!!
https://www.e-serbadk.com/serba-news/

THIS IS FAKE NEWS!!!

THIS WAS NOT OFFICIALLY LISTED IN SERBA WEBSITE!!
https://www.e-serbadk.com/serba-news/

Anyway, funny shows continue……

Good for Serba, at least something to do

Watch show

Now I only realised the state of mind of the fellow below, luckily I didn’t talk so much bad about him, except describing him as “parrot talking”

—————-+++++++——————
OrlandoOilSemiconIoT U should resign!! Definitely must resign
Why mind blogging ?
U all accused her of being independent tat is why she resigned

It is also mind boggling to see the newly appointed INED Masleena Zaid who has been the talk of the town in view of her connection with the other two newly-appointed INEDs, namely chairman Datuk Mohamed Ilyas Pakeer Mohamed and Johan Mohamed Ishak, had tendered her resignation citing “personal commitment”.

She was only appointed less than two weeks ago. – June 26, 2021
27/06/2021 12:15 PM

YES, To appoint or not to appoint, now this is the issue.

Not appoint, sure die
Appoint, may also die

HOW?

——-++++++———
stockraider U ask yourself why Serba do not want to appoint a reputable reviewer to clear the air leh ?
27/06/2021 5:48 PM
27/06/2021 6:00 PM

Thanks leehenry1999

Parrot talking

By the way, your article has similarity with serba Karim style, TURNING HERE & THERE, NO FACTS SUPPORT.

You believe these are “IRREFUTABLE EVIDENCE”, of which I AM STILL NOT SURE even until today if these are, so I will not commit myself to agree that.

Now we have disagreement over it. How?

Since this is investing matter & free will to invest by anyone, You can choose to buy more Serba shares to make big profit ONCE & ONLY YOU ARE PROVEN RIGHT LATER.

So, go ahead to buy more serba shares & show your proof of purchase! Or else you just another talk c@ck only.

As for me, I will not buy until you are right. Fair?

So, hope you are now really get it. It’s not what you think, it’s what those big guns think.

You can say you can fly to the moon with your two hands, no one will believe, unless you are superman, then that’s different story, BUT YOU ARE NOT!

LOOK HERE in case you miss it or didn’t read it, I repeat again:

What can Serba do now? If you are not sure…….

Pls open your eyes to look around on all opinions from respective professional bodies & big investment institutions, THEY ALL ARE HAVING THE SAME & ONE OPINION:

SERBA SHOULD APPOINT INDEPENDENT REVIEWER TO VERIFY & INVESTIGATE YOUR SO CALLED “IRREFUTABLE EVIDENCE” RAISED BY KPMG.

WHAT CAN SERBA DO NOW? Since you claim you have the so called “ IRREFUTABLE EVIDENCE”?

——————PLS READ MY SUGGESTION TO YOU——————

KPMG raised queries over the subject matters & SERBA responded accordingly

KPMG opined that these so called “IRREFUTABLE EVIDENCE” were NOT satisfactorily justified & conclusive, thus KPMG requested independent 3rd party to review the validity of the replies & evidences produced by Serba.

SERBA refused as the request WAS UNNECESSARY.

Now KPMG & Serba had disagreements over the evidences. How?

It is professionally right for KPMG as auditors to report the matter to SC IF they believed they should.

What can Serba do now?

If you are not sure, Pls open your eyes to look around for all opinions from respective professional bodies & big investment institutions, THEY ALL ARE HAVING THE SAME & ONE OPINION.

SERBA SHOULD APPOINT INDEPENDENT REVIEWER TO VERIFY & INVESTIGATE YOUR SO CALLED “IRREFUTABLE EVIDENCE” RAISED BY KPMG.

Now, answering your question why KPMG not dare to qualify:

——————-PLS READ BELOW————-

Based on details disclosed by Serba & later in statements of claims, the amounts involved in the disagreement were too big for KPMG.

If the directors still insist these evidences are good enough & NO INDEPENDENT REVIEWER IS NEEDED.

KPMG must report & flag to SC during the course of audit as it is too big to ignore & before KPMG concluded any opinions.

Based on the findings made available to auditors so far, I don’t think KPMG won’t dare to qualify the matters in their auditors’ report for Serba.

IF KPMG didn’t report to SC & straight away give adverse or disclaimer opinion in the report, SC may hold KPMG accountable for failing to report or red flag to SC given the amounts involved are too big.

Since KPMG already flag to SC, Serba knew KPMG will surely qualify the accounts if NO INDEPENDENT REVIEW OVER THE SUBJECT MATTERS.

So Serba must find way to remove KPMG.

Now you get it?

——————————————-++++++++++++++++++—————-

OrlandoOilSemiconIoT If one has d IRREFUTABLE EVIDENCE one would dare to qualify ones opinion
Why dare not qualify?
Mind u there is such a as giving a wrong opinion
27/06/2021 8:35 AM

OrlandoOilSemiconIoT If KPMG has them then KPMG should hv qualified its audit report on day 1
shortinvestor77 KPMG and Those INEDs that have resigned already have first hand IRREFUTABLE EVIDENCE. They are just waiting for independent review to verify it. Of course, SD doesn't want it to be exposed lah.
27/06/2021 3:24 PM

TRUTH REVEALED!!!

SERBA NEVER TRY TO APPOINT 3RD PARTY REVIEWER TO REVIEW ON THE SUBJECTS FROM DAY ONE!!!

————————-Story Line——————

KPMG demanded independent 3rd party review on Serba replies on the subjects

SERBA refused & claimed “WAS UNNECESSARY”, that’s why KPMG flagged to SC.

SC commanded to expedite the appointment of independent reviewer on the subjects

SERBA claimed looking to appoint

After taking KPMG to court, SERBA said to relook into the role of independent reviewer for WIDER SCOPE

When read carefully on Serba’s claim on KMPG, SERBA confirmed “IT WAS UNNECESSARY TO CONDUCT 3rd Independent Review” over the subjects

################
58. The Plaintiff further states, as noted in Paragraph 23 of this Statement of Claim, that the impasse created by the Defendant in demanding for a 3rd Party independent review was unnecessary in the circumstances and would cause adverse speculation in the market against the Plaintiff as known or ought to have been within the knowledge of the Defendant.
27/06/2021 3:01 AM

Haha, thanks bro Huangbk72

Can someone help me to enlighten me if the guy below is living at outer space or at Mars?

—————++++++++————
Steady Punpipi 112 million profits after tax announced Karim .....prepare for next move ....dividend announcement ....as promised .
27/06/2021 1:46 PM

Steady Punpipi Need to break 0.625 before can convince and restore investor confidence. ..if broken next TP 0.83 sens...if Monday Gap up 0.71 sens max
27/06/2021 1:51 PM

Steady Punpipi Last Friday knee jerk sales ....Monday pay a higher price ....hahaha
27/06/2021 1:52 PM

Steady Punpipi We are going in Big Time ....just wait
27/06/2021 1:53 PM

Steady Punpipi Hahaha move forward ....not backwards
27/06/2021 1:54 PM

Steady Punpipi 112 million net profits is a whopping amount ...!
27/06/2021 1:55 PM

I can’t stop laughing at this, sharp & true!

————-++++++++———-
leno
Last month nike vaporfly RM 1,000 , tomorrow RM 50 ringgit - 90% discount !
And instead of buying 1 FAKE nike at rm 50, they go buy 20 pair of FAKE nike.

Which will u be ?
27/06/2021 12:51 PM

First press conference already dare to lie, what do you think of this Serba newly appointed chairman’s integrity & credibility?

May be it is natural that people draw & attract closer to form a group with similar characters people, may be.

————-+++++++———-
leno ILyas Pakeer has been caught LYING.
So, only orang BODO will believe what ILyas Pakeer say now. .
27/06/2021 12:28 PM