BURSA Malaysia is denying any claims of having spoken to Serba Dinamik Holdings Bhd, as reported by The Edge in its CEO Morning Brief earlier today, entitled ‘What Serba Dinamik said on its audit issues’.
“To provide clarity to the market, it is imperative that Serba Dinamik undertake the necessary steps to appoint the Independent Reviewer immediately to address the uncertainty surrounding the veracity and accuracy of the matters as highlighted by its external auditors in a timely manner,” Bursa Malaysia mentioned in a statement.
The Exchange has also issued a query to Serba Dinamik today to request a status update and timeframe in relation to the appointment of an Independent Reviewer.
Like Bursa, Securities Commission Malaysia (SC) also wishes to clarify that it has not spoken to Datuk Mohamed Ilyas Pakeer Mohamed, Chairman of Serba Dinamik reported in the same The Edge article.
In light of such events, SC reiterated that under the Capital Markets and Services Act 2007, auditors have a statutory obligation to immediately report to the SC if they reasonably believe that there are any matters which may constitute a breach or non-performance of any requirement of securities laws, rules of the stock exchange or any matter that may affect a material extent to the financial position of the listed company.
The SC’s Audit Oversight Board also stated that external auditors play an important role in promoting confidence in the quality and reliability of audited financial statements in Malaysia.
“Auditors should be allowed to carry out their responsibilities and render their independent opinion without fear or favour, and discharge their duties free from any retaliation. Auditors are also required to exercise their professional scepticism during their audit and always apply the International Standards of Auditing as adopted by the Malaysian Institute of Accountants,” stated the SC.
SC’s investigation into Serba Dinamik is still on-going. – June 23, 2021
