Wednesday 24 Apr 2024
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KUALA LUMPUR (Sept 6): Serba Dinamik Holdings Bhd said its independent non-executive directors have been provided with progress updates by Ernst & Young Consulting Sdn Bhd (EY) on a biweekly basis.

The group in July appointed EY as the independent reviewer to assess the veracity of the audit issues raised by its former auditor KPMG PLT.

The scope of works calls for EY to assess the validity and veracity of the transactions and balances on sales, trade receivables and materials on sites with respect to 11 identified customers, and to quantify any possible financial impact.

It will also look into purchases from six local suppliers; IT contracts and transactions involving six customers and two suppliers, as well as the revenues and costs involved; and the transactions and balances involving one customer and one supplier in Bahrain.

"The company will make an immediate announcement for any material development on the special independent review," the oil and gas service provider said in a filing with Bursa Malaysia today.

Last month, Serba Dinamik announced that Nexia SSY PLT had been appointed as its new external auditor, replacing KPMG.

Nexia is an independent member firm of Nexia International, currently ranked as the eighth largest accounting firm in the world by the International Accounting Bulletin Survey 2021, and operates in more than 128 countries.

Shares in Serba Dinamik closed unchanged at 39.5 sen today, giving it a market capitalisation of RM1.45 billion. Since the beginning of the year, the stock has fallen by 77.43%.

Edited ByS Kanagaraju
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