Serba Dinamik: E&Y still doing audit review


SERBA Dinamik Holdings Bhd stated that its auditors Ernst & Young Consulting Sdn Bhd (E&Y) is still performing the special independent review (SIR) on the audit issues raised in May by its former external auditors. 

Last Friday, Bursa Malaysia had ordered Serba Dinamik to announce the findings from the “Factual Findings Update” on the SIR by Oct 26 but the filing by the company yesterday suggests that this would not be possible. 

Trading of Serba Dinamik’s securities have been suspended since last Friday until further notice. 

Serba Dinamik added that there were no documents or copy of any documents that fit the description of “Factual Findings Update” as at Sept 30 given to its independent non-EDs as at Oct 22. 

It added that the terms of engagement between E&Y and the company dated July 2, states no work products will be distributed to any parties including the regulators before and/or after the status update. 

The terms also prohibit any quoting or references to any report, any portion, summary or abstract thereof. 

Serba Dinamik noted that any documents or report from E&Y does not fall within Paragraph 9.03 and 9.35A of the Main Market Listing Requirements. 

Serba Dinamik added that it has received approval from Bursa Malaysia to delay the issuance of its annual report and annual audited financial statement by one month. 

In an exchange filing yesterday, the company stated that the annual report and the annual audited financial statement were supposed to be submitted by the end of next month (Nov 30).