<div class=newsTextDataWrapInner><p>KUALA LUMPUR (April 29): KPMG said Central Industrial Corp Bhd had discovered its inventory balance was overstated by RM10.77 million in financial year ended Dec 31, 2015.</p></div>

<div class=newsTextDataWrapInner><p>Adhesive tape manufacturer Central Industrial told Bursa Malaysia today KPMG had issued its qualified opinion on the matter after Central Industrial could not determine how the overstatement happened.</p></div>

<div class=newsTextDataWrapInner><p>Central Industrial's announcement to Bursa Malaysia included KPMG's independent auditors' report to the manufacturer.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>KPMG said, "The company (Central Industrial) discovered that inventories balances had been overstated which could be due to operational and internal control weaknesses, functional limitations of the company's current enterprise resource planning system and possible fraud."</p></div>

<div class=newsTextDataWrapInner><p>"Management was unable to determine the portion of the overstatement that could have occurred in prior years which have an impact on the cost of sales figures in prior financial years' financial statements," KPMG said.</p></div>

<div class=newsTextDataWrapInner><p>Central Industrial shares have not been traded so far today. The stock's latest closing price was 70 sen last Wednesday (April 20) for a market capitalisation of RM32 million.</p></div>

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KUALA LUMPUR (April 29): KPMG said Central Industrial Corp Bhd had discovered its inventory balance was overstated by RM10.77 million in financial year ended Dec 31, 2015.

Adhesive tape manufacturer Central Industrial told Bursa Malaysia today KPMG had issued its qualified opinion on th...

KPMG issues qualified opinion on Central Industrial's FY15 numbers

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