Even if there is a breach of duty or act of negligence on the part of KPMG the damage has been done. What we have here is a very interesting case definitely without precedence in Malaysia. If by 31 Oct the review proves that the issues raised are trivial it would be detrimental to KPMG. This court case could turn out to be a very short one indeed.
even assuming Serba is innocent and accounts did show a true and fair view.........crisis management got screwed up.
change year end? sack auditors? sue auditors?
every step of the way is panic and to company disadvantage.
yesterday released March results, a bit late and good to have done so.
can this bring stability to the share?
it is still a huge uphill struggle to bring back credibility.
if they are indeed innocent and accounts do show a true and fair view...they really do need to up their game and show more transparencies...and go on an offensive to explain their business/ figures / forecasts...Serba needs help, professional help not jumping up and down like a headless snake.
Posted by OrlandoOilSemiconIoT > Jun 26, 2021 6:11 PM | Report Abuse X
qqq3333
Agree with u tis point and only tis point
Karim is all I m innocent why should I b the one to prove...
Not a good strategist instead honest to a fault (but is good for current context)
As the 1st step Karim shd run through all Serbadk projects n contracts wit details disclosure everything fr profit % stage of completion etc etc etx to go bare naked
and go on an offensive to explain their business/ figures / forecasts...Serba needs help, professional help not jumping up and down like a headless snake.
OrlandoOilSemiconIoT My england my ang mo not good
Kindly read again carefully tis time n advise
unnecessary here is referring to the impasse or the appointment?
Stock Kingdom When I tried to put myself in the shoes of KPMG in communicating & meeting with the BOD.
I was not satisfied with the replies from the management and were opinions that the explanations & evidences/proofs provided by the management need to be verified independently & required forensic investigation, which may not be within the expertise of an audit firm or/and within the terms of engagement.
To resolve the matters, I proposed the management to appoint an independent reviewer where the reviewer can be empowered to engage/employ/appoint private investigators, lawyers, or/and other agencies to investigate & verify the subject matters.
By doing so, I trust that we can easily confirm the creditability & validity on the evidences & replies by the management.
HOWEVER, THE MANAGEMENT BELIEVED IT WAS UNNECESSARY!!!
So how?
############### 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 2:47 AM
sukesuke OrlandoOilSemiconIoT My england my ang mo not good
Kindly read again carefully tis time n advise
unnecessary here is referring to the impasse or the appointment
*****
I was about to ask the same question, my understanding of that particular extract of the article differ totally from the learned Stock Kingdom. Probably due to my bad England too
27/06/2021 8:44 AM
X
OrlandoOilSemiconIoT Stock Kingdom d powerful england we r waiting for ur learned explanation
you dont need KPMG or the chart to tell you, you can verify this company integrity and its red flags by your own research
lie about meeting SC, suing KPMG , having bogus clients with billion worth of project(all have same shady unclickable websites and most of them only show Karim as the vice president) and so much more
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.
Come on u all average man on the street let's help Serbadk legal suit
The more the 3000+ average man on d street posted "even without IRREFUTABLE EVIDENCE l believe KPMG" the stronger Serbadk claim tat KPMGs premature report to SC caused d blow up
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.
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
U see, once auditors has put out enough doubts & suspicious on the accounts reliability, it is for the management to come for substantial fact & evidence to clear the air loh...!!
Auditors are not criminal prosecutors or investigators, their role is to provide an opinion whether the accounts prepare by the management can be relied on base on their professional independent judgement & opinion mah!
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
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.
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.
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?
Bravo to Stock Kingdom's argument supported with facts and statement, unlike Orlando which is full of his own bias and only supported with a short statement from Serba side. Continue to stay in your own elite world Orlando
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
The issue is not so simple whether qualify or not qualify the accounts...it is more severe than that....it is whether "the accounts is dubious" or not mah loh!
From the info given, there are indications that it is likely the accounts to be dubious, that is why, the advice given to Serba management to appoint an independent reputable reviewer to clear the air & refute KPMG findings mah!
Lu Tau Boh ??
Posted by OrlandoOilSemiconIoT > Jun 27, 2021 6:16 PM | Report Abuse
If KPMG hv Sufficient Appropriate Audit Evidence it should have qualified its audit report on day 1
The Sufficient Appropriate Audit Evidence wil ensure its safety no need to be dragged into fiasco
In my opinions without prejudice, i agreed with Serba Dynamik's statement "Auditors should communicate professional scepticism to clients before premature reporting to regulators — Serba Dyynamik". 1) Serba Dynamik is the customer of KPMG and for this reason as what highlighted as above-mentioned KPMG should do. 2) As far as legal is concerned, Serba Dynamik is still innocent until proven guilty by the Court and for this could be amounted to defamation. Note : Opinions only without prejudice.
Opinions only without prejudice not for any purpose, Can shareholders of SD recoup losses incurred in share price?
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