Serba Dinamik has responded to KPMG on annual statutory audit

KUALA LUMPUR, May 27 -- Global integrated engineering services provider, Serba Dinamik Holdings Bhd said it has responded to matters highlighted by its external auditor, KPMG PLT pertaining to its annual statutory audit for the financial year ended Dec 31, 2020 (FY20).

Serba Dinamik group managing director/group chief executive director Datuk Dr Ir Mohd Abdul Karim Abdullah said the management had taken prompt action to address the matters much earlier, prior to the announcement made to Bursa Malaysia on May 26, 2021.

“As far as we are concerned, we have not changed our business structure materially since the initial public offering in 2017 and have worked with KPMG, whose auditors are familiar with our operations, since 2013.

“As far as the management is aware, we have been conducting our business professionally,” he said in a statement. 

Mohd Karim said Serba Dinamik had engaged potential international independent firms to assess the veracity and accuracy of the matters brought up by KPMG after consulting with Bursa Securities.

“Time is of the essence, given that we need to prepare for the group’s annual report for publication by Oct 31, 2021, after changing our financial year end to June 30,” he added.

He noted that the audit for FY20 has had its share of challenges, given the impact of the COVID-19 pandemic on the markets in more than 20 countries where the group has presence.

“This has certainly presented challenges in finalising the financial statement. We are in the midst of finalising the terms of appointment of the independent firm and expect to confirm the appointment as soon as possible,” he added.

Mohd Karim said Serba Dinamik would accord the to-be-appointed independent firm the time and space to verify the matters with accuracy and veracity.

“We will be updating promptly any material developments in a transparent manner,” he added.

-- BERNAMA