KUALA LUMPUR: The Minority Shareholders Watch Group (MSWG) has welcomed Serba Dinamik Holdings Bhd's appointment of a new external auditor ahead of its end-July deadline to replace KPMG which resigned on June 24.
The next challenge for Serba Dinamik was to ensure it deliver its latest financial accounts ahead of the October deadline, MSWG added.
Yesterday, the board of Serba Dinamik nominated Nexia SSY to fill up the void and audit its financial accounts for the year ended June 30, 2021.
Nexia SSY 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 eighth largest accounting firm in the world according to the International Accounting Bulletin Survey 2021.
"It is good that an external auditor has been appointed before the deadline," MSWG chief executive officer Devanesan Evanson said.
"The company and the auditor should now endeavour to release the audited financial statements by the October 31 deadline," he added.
Although Nexia SSY may not be as well-known as the Big-Four firms, Devanesan said it was 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.
"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 said, adding 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, licenced and registered by AOB which would have done some due diligence before registering them," Devanesan said.
At midday trading break today, Serba Dinamik was up 0.5 sen or 1.19 per cent to 42.5 sen with 73.84 million shares traded, valuing it at RM1.58 billion.