THE Minority Shareholders Watch Group (MSWG) has applauded Serba Dinamik Holdings Bhd for striving to appoint a new external auditor ahead of its end-July timeline to replace KPMG PLT which resigned on June 24.
Yesterday, the board of Serba Dinamik Holdings Bhd ssid it has today nominated Nexia SSY PLT to fill up the vacancy for its new statutory auditors in accordance with the Companies Act 2016 for its financial year ended June 30, 2021.
To re-cap, Nexia SSY PLT is an independent member firm of Nexia International, a leading London-based global network of independent accounting and consulting firms.
With operations in more than 128 countries, Nexia is currently ranked the eighth largest accounting firm in the world by the International Accounting Bulletin Survey 2021.
“It is good that an external auditor has been appointed before the deadline,” head honcho of the share activism group Devanesan Evanson told FocusM.
“The company and the auditor should now endeavour to release the audited financial statements by the Oct 31 deadline.”
Although Nexia SSY may not be as well-known as the Big-Four firms, they are nevertheless registered with the Audit Oversight Board (AOB) which aims to foster high quality independent auditing to promote confidence in the quality of audited financial statements of public-interest entities, according to Devanesan.
“Usually international firms have to get internationally centralised risk clearance before they take on audits with issues. Then it becomes a risk appetite issue for auditors,” he opined, noting that Nexia SSY would be able to do the job as well as other firms.
“After all, they are members of the Malaysian Institute of Accountants (MIA), licensed and registered by AOB who would have done some due diligence before registering them,” added Devanesan.
At today’s mid-day trading break, Serba Dinamik was up 0.5 sen or 1.19% to 42.5 sen with 73.84 million shares traded, thus valuing the company at RM1.58 bil. – July 27, 2021
