KUALA LUMPUR: Serba Dinamik Holdings Bhd said Datuk Abdul Kadier Sahib has withdrawn a notice calling for an EGM to replace KPMG as the company's external auditors.
Independent directors of Serba Dinamik Holdings Bhd may hold the clue on the audit issues raised in the company recently, which could help minority shareholders make an informed decision amid a heavy sell-off in the counter this week.
The Malaysian Institute of Corporate Governance (MICG) said Serba Dinamik Holdings Bhd's response to the dispute with its external auditor, namely KPMG, had raised serious governance concerns.
Malaysian Institute of Corporate Governance weighs in on Serba Dinamik’s dispute with external auditor 01 Jun 2021 / 23:20 H.
PETALING JAYA: Serba Dinamik Holdings Bhd’s dispute with its external auditor KPMG raises serious governance concerns, according to the Malaysian Institute of Corporate Governance (MICG).
The institute opined that the group’s resorting to the process to remove an auditor when the executive is unhappy with the audit findings is not appropriate.
“The central purpose of the external audit is its independent adoption of the relevant professional and ethical accounting standards and reporting accordingly on the findings. That independence should not be undermined,” MICG deputy president David W Berry said in a statement today.