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Serba Dinamik – which has long been a darling of investors known for its steady increases in earnings even in tough times – said it was appointing an independent firm for a special independent review to assess the veracity and accuracy of the matters. continued to be suspended on Friday at the company’s request. In a statement to Bursa before market opened, it said Bursa Malaysia Securities had approved the company s request for suspension of trading on Friday.
The voluntary suspension was pending the release of further clarification of the announcement made on May 25.
The integrated engineering solutions provider had requested for the suspension on Thursday.
Kenanga Investment Bank Research has downgraded Serba Dinamik to underperform from outperform after the company announced its external auditors, KPMG, had flagged some matters pertaining to statutory audit.
1. In view of the current COVID-19 pandemic, Seplat obtained approval from the Nigeria Corporate Affairs Commission to hold its 2021 Annual General Meeting (AGM) by proxy ONLY, which is in accordance with the new Guidelines on Holding of AGM of Public Companies taking advantage of Section 254 of the Companies and Allied Matters Act (CAMA) 2020 using proxies. For the appointment to be valid for the purposes of the Meeting, the Company made arrangements at its cost for the stamping of the duly completed proxy forms, which must be deposited at the office of the Registrar. 2. In accordance with the Company s articles of association, on a poll every member present in person or by proxy has one vote for every share held. There were no restrictions on shareholders to cast votes on any of the resolutions proposed at the AGM.
d) Defined benefit pension scheme; e) Documentation of audit work on going concern; and f) Review and supervision of the audit. The breaches admitted were pervasive, extensive and, in relation to the audit of inventory, serious. The requirements of multiple International Standards on Auditing (UK) (ISA(s)) were breached including ISA 220 (quality control for an audit of financial statements), ISA 230 (audit documentation), ISA 240 (the auditor s responsibilities relating to fraud) and ISA 330 (the auditor s responses to assessed risks). In their audit work on inventory, the Respondents failed to exercise both sufficient professional skepticism and reasonable professional judgement; they did not obtain sufficient appropriate audit evidence to provide a reasonable basis for the auditor s opinion. In two other areas (journal entry testing and defined benefit pension scheme) the Respondents failed to conduct the Audit so