6 people like this.

94 comment(s). Last comment by treasurehunt 2021-10-22 14:54

Stock Kingdom

1,005 posts

Posted by Stock Kingdom > 2021-06-29 18:28 | Report Abuse

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)

qqq3333

2,263 posts

Posted by qqq3333 > 2021-06-29 18:42 | Report Abuse

moral of the story. don't be an auditor. life not worth the stress

qqq3333

2,263 posts

Posted by qqq3333 > 2021-06-29 18:43 |

Post removed.Why?

stockraider

31,556 posts

Posted by stockraider > 2021-06-29 18:57 | Report Abuse

Whether it is EY or KPMG the outcome & findings will be likely to be the same mah, Do not believe in false hope mah!

alenac

2,636 posts

Posted by alenac > 2021-06-29 19:02 | Report Abuse

Yeah I am still suspicious of their refusal to heed the request of KPMG until the KLSE demanded the appointment of an independent reviewer. RM4.3 billions not a small figure. Any adjustments would have impacted the bottomline.

Posted by stockraider > Jun 29, 2021 6:57 PM | Report Abuse

Whether it is EY or KPMG the outcome & findings will be likely to be the same mah, Do not believe in false hope mah!

Stock Kingdom

1,005 posts

Posted by Stock Kingdom > 2021-06-29 19:24 | Report Abuse

Exactly, especially audit for those PLC that involve public interests.

Every year new standards new rules new requirements.

——————++++++++++++++——————
qqq3333 moral of the story. don't be an auditor. life not worth the stress
29/06/2021 6:42 PM

qqq3333

2,263 posts

Posted by qqq3333 > 2021-06-29 19:31 | Report Abuse

would EY take knife and stab competitor? would EY protect the club? if Kpmg could not satisfy themselves the contracts are real and legit, what can the company now do to satisfy EY?

Posted by leehenry1999 > 2021-06-29 23:06 | Report Abuse

Great analysis for showing a list of thorough possibilities that happened between KPMG and Serba. I personally agree that an audit firm won't take the hassle to conduct a comprehensive background check on a customer's client unless it's really material and give a substantial impact on the FS. They have a lot of audit testing to perform and won't be too tied towards a certain item as long as it is immaterial.

In regards to whether are there golf games between KPMG and Serba, it will be prohibited in the audit line due to the existence of familiarity threats.

gohkimhock

3,007 posts

Posted by gohkimhock > 2021-06-29 23:25 | Report Abuse

It is the authenticity of the contracts.

Posted by information > 2021-06-29 23:28 | Report Abuse

Talk so much..

Did kpmg respond to SD as per their guidance ? KPMG visiting wrong office shows how much communication took place between SD & KPMG at stage 2 & 3 below

It does not look like kpmg made a smart opinion that replies from SD was not satisfactory looking at 5th May presentation

.....................


C1) In the very high ranking meeting with Serba, KPMG raised queries over the subject matters

C2) Serba responded & replied with their version of findings & explanation, if not on the spot, later.

C3) KPMG opined that the replies from Serba were NOT satisfactorily justified & thus requested independent 3rd party to review the validity of the replies & evidences produced by Serba. By getting internationally recognized audit firm to be the independent reviewer to review over the evidences, the outcome of the review will be able to assist KPMG to conclude the audit.

C4) But Serba refused such suggestion from KPMG and labelled that request WAS UNNECESSARY. (Go read yourself on the statement of claim point 58 by Serba over the law suit to KPMG)

Stock Kingdom

1,005 posts

Posted by Stock Kingdom > 2021-06-30 00:42 | Report Abuse

2 things to think about it

1) How do we know KPMG had not done enough to guide Serba?

All stories that made public were all from Serba & we never heard from KPMG, so quite one sided.

But there were some hints here & there from Serba via their own declaration, announcements & explanations that Serba was not transparent enough and was quite contradicting.


2) To discover & to report frauds were NOT the job of auditors. THE PRIMARY FUNCTION OF AUDITORS ARE TO EXPRESS OPINIONS ON THE ACCOUNTS BASED ON TESTS CONDUCTED IN ACCORDANCE WITH all applicable standards & requirements.

it’s important for auditors to handle smartly & not to act like Police.

As I mentioned we don’t know what triggered KPMG & what did KPMG has in hands, but if really got something big inside, hope below make sense:

A) find some minor issues but make it big enough for unable to resolve
B) find chance to get independent reviewer step in for further investigation
C) BANG!!! Something big revealed!! Now independent reviewer will be the one to be answerable to all
D) by then as auditors, KPMG just “express opinion” ONLY

Stock Kingdom

1,005 posts

Posted by Stock Kingdom > 2021-06-30 01:02 | Report Abuse

In connection to my previous comment

What about if Serba is proven right by the independent reviewer & confirmed free of frauds?
by then as auditors, KPMG also just “express opinion” ONLY

No matter on what is the outcome by independent reviewer, KPMG is at safe situation.

Posted by TheGardener > 2021-06-30 02:42 |

Post removed.Why?

Posted by Glovefinishretard > 2021-06-30 07:24 | Report Abuse

No la.. u guys got it all wrong! This is an opportunity (with risk of course) to get 5-7x return on your investment!
Otherwise KWSP KWAP PNB and other SARAWAK GOVERNMENT already dispose all their shares!
Think guys think!!!

Posted by OrlandoOilSemiconIoT > 2021-06-30 08:01 | Report Abuse

Something is missing??

Something is missing

Whr is Covid-19 lockdown impact?

Posted by OrlandoOilSemiconIoT > 2021-06-30 08:07 |

Post removed.Why?

Posted by OrlandoOilSemiconIoT > 2021-06-30 08:11 | Report Abuse

Ok good.. insider


Ok let's make u a shadow 1 man audit team attempting to audit Serbadks MATERIALS ON SITE


1. For an O&M service provider like Serbadk materials on site comprises?

Kindly provide detailed breakdowns


2. For an O&M service provider like Serbadk is it a fair assumption that the materials on site are located at Serbadks customers premises with only a small part located at Serbadks own premises?

Kindly provide detailed breakdowns

Posted by OrlandoOilSemiconIoT > 2021-06-30 08:27 | Report Abuse

R u sure u read tis correctly?


C4) But Serba refused such suggestion from KPMG and labelled that request WAS UNNECESSARY. (Go read yourself on the statement of claim point 58 by Serba over the law suit to KPMG)

Bgt 9963

7,445 posts

Posted by Bgt 9963 > 2021-06-30 08:38 |

Post removed.Why?

newbie5354_

1,244 posts

Posted by newbie5354_ > 2021-06-30 09:05 | Report Abuse

Finally blame govn because those losing $ correct?

Stock Kingdom

1,005 posts

Posted by Stock Kingdom > 2021-06-30 09:36 | Report Abuse

You have been acted weirdly all the time in serba forum, if you think yours are right, then right loh….. lol

———-+++++++———-
OrlandoOilSemiconIoT R u sure u read tis correctly?
C4) But Serba refused such suggestion from KPMG and labelled that request WAS UNNECESSARY. (Go read yourself on the statement of claim point 58 by Serba over the law suit to KPMG)
30/06/2021 8:27 AM

Stock Kingdom

1,005 posts

Posted by Stock Kingdom > 2021-06-30 09:37 | Report Abuse

mmmm……..

————++++++++———
Glovefinishretard No la.. u guys got it all wrong! This is an opportunity (with risk of course) to get 5-7x return on your investment!
Otherwise KWSP KWAP PNB and other SARAWAK GOVERNMENT already dispose all their shares!
Think guys think!!!
30/06/2021 7:24 AM

shiby

217 posts

Posted by shiby > 2021-06-30 09:56 | Report Abuse

under normal situation panic share price drop is oportunity to gain but for this serba let wait untill the audit done

Posted by OrlandoOilSemiconIoT > 2021-06-30 09:59 | Report Abuse

I hv blogged sc caused d blow up n I m stil in one piece

U call me weird

U look into d mirror man

Posted by OrlandoOilSemiconIoT > 2021-06-30 10:03 |

Post removed.Why?

Jokers2020

2,006 posts

Posted by Jokers2020 > 2021-06-30 10:08 | Report Abuse

all wait until audit done if okay no chance to buy at 0.31-0.32 ...will immediately LU

Flying Fox

849 posts

Posted by Flying Fox > 2021-06-30 10:09 | Report Abuse

Admire you, Orlando, you still survive all the way down from RM1

Or you talk only but never buy?

Flying Fox

849 posts

Posted by Flying Fox > 2021-06-30 10:11 | Report Abuse

@stockkingdom, no need to respond to these kind of people la, wasting your time. Why? See below.

So many want to hear what they wanted to hear
see what they wanted to see

Karim proved to be a cunning man. EY said agreed in principle & set pre-conditions before acceptance, means no acceptance yet la. But Karim said already agreed. What a F.

I am now waiting to watch big Friday show.

Get ready to be suspended lol

Posted by OrlandoOilSemiconIoT > 2021-06-30 10:21 | Report Abuse

stock kingdom to interpret tis again carefully tis time


U hv got it wrong again


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;





Posted by Stock Kingdom > Jun 28, 2021 7:15 PM | Report Abuse 

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

Posted by OrlandoOilSemiconIoT > 2021-06-30 10:23 |

Post removed.Why?

qqq3333

2,263 posts

Posted by qqq3333 > 2021-06-30 10:34 | Report Abuse

cannot blame the crisis on Kpmg..... it is Serba own crisis management that is the problem.....

qqq3333

2,263 posts

Posted by qqq3333 > 2021-06-30 10:35 | Report Abuse

rule one on crisis management don't panic but be transparent

qqq3333

2,263 posts

Posted by qqq3333 > 2021-06-30 10:36 | Report Abuse

crisis appear, first thing they do is change Fye.... that is big mistake and all downhill since.

qqq3333

2,263 posts

Posted by qqq3333 > 2021-06-30 10:38 | Report Abuse

on the whole kingdom is similar to my thinking.

qqq3333

2,263 posts

Posted by qqq3333 > 2021-06-30 10:40 | Report Abuse

I am glad attempt to change Fye is punished by investors...... otherwise this will set a very bad precedent

qqq3333

2,263 posts

Posted by qqq3333 > 2021-06-30 10:42 | Report Abuse

what happens if every thing companies got disagreements with auditors they go change Fye? still got rule of law?

Posted by thisistheway > 2021-06-30 10:50 | Report Abuse

so it seems like it is the CFO's fault? If so, CFO will be removed and will take the blame unless CFO got instructions from someone.

qqq3333

2,263 posts

Posted by qqq3333 > 2021-06-30 11:01 | Report Abuse

I was an auditor before and so also kingdom I believe... on this issue it's understandable that people who were never auditors before get the issues wrong.

Posted by AlsvinChangan > 2021-06-30 11:17 | Report Abuse

Very true indeed lots of dogs in i3

Must bark same tune

IF you out of tune == Report Abuse

I accumalated more than a dozen reported abuse in a single day in i3

Must bark the GLass is Half Empty

If you said the Glass is Half Full == Report Abuse


No diff from the goons of Lowyat Phone Thief supporters

SD CEO said i3 forum is full of mob mentality

ahbah

6,096 posts

Posted by ahbah > 2021-06-30 11:19 | Report Abuse

Why say like that ?

We are all here noble human beings, not dogs lah !

qqq3333

2,263 posts

Posted by qqq3333 > 2021-06-30 11:28 | Report Abuse

by now I cannot deny it is mob mentality but I have not changed my opinion since day one of crisis.

ahbah

6,096 posts

Posted by ahbah > 2021-06-30 11:29 | Report Abuse

Auditors got go to court meh ?

Stock Kingdom

1,005 posts

Posted by Stock Kingdom > 2021-06-30 11:32 | Report Abuse

Your mouth is what your heart is

Words come from you mouth are what you have in your heart

Peace be with you all

ahbah

6,096 posts

Posted by ahbah > 2021-06-30 11:35 | Report Abuse

We also got people who say one thing but do another different thing.

Stock Kingdom

1,005 posts

Posted by Stock Kingdom > 2021-06-30 11:46 | Report Abuse

Yes, auditor was sentenced fine & jailed in Malaysia few years back.

Directors inflated by including the near future sales figures & auditor certified it even he knew before hand that it was not appropriate.

Finally All directors were fine by SC only while THE AUDITOR WENT TO JAIL.

I personally know that auditor, pity him. He knew the directors well & thought did it as favour, since the sales was only about 10% & was genuine.

Can we blame SC? No, rules are rules, auditors must know how to protect themselves FIRST no matter what.

———++++++++————
ahbah Auditors got go to court meh ?
30/06/2021 11:29 AM

Posted by AlsvinChangan > 2021-06-30 11:51 | Report Abuse

Can an audit company banned from practice?

IF YES, any examples?

Stock Kingdom

1,005 posts

Posted by Stock Kingdom > 2021-06-30 11:52 | Report Abuse

Agreed.

There are loopholes here & there in Serba announcements if you read carefully. Beware of it. Ordinary people who are not well trained in legal area will find it no issue.

Auditors are always careful with the words used, the lesser the better.
Opposite to lawyer, the more the better, so that you can’t find North :)

————-++++++++————
qqq3333 I was an auditor before and so also kingdom I believe... on this issue it's understandable that people who were never auditors before get the issues wrong.
30/06/2021 11:01 AM

Stock Kingdom

1,005 posts

Posted by Stock Kingdom > 2021-06-30 12:00 | Report Abuse

Yes, it happened, by SC. Audit firm cannot audit PLC due to incompetent.

Go check google, all are there.

———-++++++++————-
AlsvinChangan Can an audit company banned from practice?

IF YES, any examples?

ahbah

6,096 posts

Posted by ahbah > 2021-06-30 12:03 | Report Abuse

Thanks.

Posted by OrlandoOilSemiconIoT > 2021-06-30 12:20 | Report Abuse

Auditor

Jz academic

Take up tis audit




OrlandoOilSemiconIoT Ok good.. insider


Ok let's make u a shadow 1 man audit team attempting to audit Serbadks MATERIALS ON SITE


1. For an O&M service provider like Serbadk materials on site comprises?

Kindly provide detailed breakdowns


2. For an O&M service provider like Serbadk is it a fair assumption that the materials on site are located at Serbadks customers premises with only a small part located at Serbadks own premises?

Kindly provide detailed breakdowns

30/06/2021 8:11 AM

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