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Fresh announcement:
1. EY will take over audit duty only if their requirements has been fulfilled. Now waiting for KPMG legal team to advise
2. Awang continue to dispose 8mil shares
if i am kpmg and i am angry of serba, just drag and be picky on EY request lol.. "EY need to have full and unfettered access to KPMG PLT for information and confirmation for the purpose of analysing the transactions and concerns highlighted;"... so EY can ask all sort of thing even it is stupid? KPMG must entertain entertain all their question so free and FOC?
to be precise, EY can definitely and should conduct their own review to check on customer validity. This is real independence review
I doubt Kpmg will allow EY to access all the works previously done by KPMG as they're no longer their auditor now, so have no obligation to release their findings to EY. I mean why willingly let others to find fault in your works when you're no longer involved with the company? If Kpmg dont cooperate then Serba will be in biggg trouble
@Ian Chong, definitely no. Each auditor has to maintain professionalism and Independent. How to use the same working paper? If they want to figure out the other issue if using same workings?
@ny jin Yea thats why.. in the announcement EY requested to gain access to KPMG's work and audit result. I dont think that's possible. Maybe Serba will be stuck due to this
Referring back to the early announcements, KPMG did not suggest to appoint an independent reviewer. The decision to appoint reviewer was made by Serba itself.. i could be wrong
That's why... without court order, it's left to kpmg whether they want to cooperate or not. And I don't think kpmg will be willingly cooperate in view of their strained relationship. So if kpmg dont release the info, EY wont proceed with the review, and Serba issue will be stuck