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KPMG resigns as Serba Dinamik external auditor

KUALA LUMPUR: Messrs KPMG PLT has resigned as external auditors for Serba Dinamik Bhd with immediate effect on Thursday in the latest development after KPMG had late last month raised concerns on some of the company’s past sales transactions and trade receivables.

The oil services and engineering company said in a filing to Bursa Malaysia it had received a notice in writing from KPMG on its resignation as auditors with immediate effect.

“KPMG in the notice stated that the suit filed by the company on June 22 against them in regard to the ongoing statutory audit of the company for the financial period ending June 30, 2021 has compromised their ability to independently continue the audit engagement and discharge their professional duties as auditor of the company, ” it said.

Serba Dinamik said it was currently identifying the new auditors under the Companies Act 2016 and will make an immediate announcement to this effect immediately upon the finalisation of appointment of the new auditors.

It was reported that Serba Dinamik’s board had early last week agreed in principle to appoint Ernst & Young Advisory Services as its independent reviewer to assess the veracity and accuracy of the matters highlighted by KPMG.

Then on Tuesday, Serba Dinamik said it would be taking legal action against KPMG for alleged negligence, breach of contract and breach of statutory duty.

Serba Dinamik said following its suit against KPMG, it would be deliberating whether the scope of its independent reviewer Ernst & Young Advisory Services Sdn Bhd has to be expanded or otherwise.