Au­di­tor qual­ify opin­ion on FSBM’s FY16 ac­counts

The Sun (Malaysia) - - SUNBIZ -

PETALING JAYA: FSBM Hold­ings Bhd’s ex­ter­nal au­di­tor Messrs Ernst & Young (EY) has ex­pressed a qual­i­fied opin­ion on FSBM’s an­nual au­dited fi­nan­cial state­ments for the fi­nan­cial year ended June 30, 2016 (FY16) in re­la­tion to a debt re­cov­ery amount­ing to RM8.66 mil­lion.

EY said in­cluded in trade and other re­ceiv­ables of the group and the com­pany are amounts due from Tech­ni­tium Sdn Bhd of RM7.61 mil­lion and RM1.05 mil­lion re­spec­tively, from 2015.

FSBM direc­tors have com­menced cer­tain debt re­cov­ery le­gal pro­ceed­ings and are of the view that the car­ry­ing amounts are re­cov­er­able.

“How­ever, the out­come of the var­i­ous debt re­cov­ery le­gal pro­ceed­ings can­not be as­cer­tained as at the date of this re­port, par­tic­u­larly as to the tim­ing and amount of any even­tual set­tle­ment. Ac­cord­ingly, we were un­able to ob­tain suf­fi­cient ap­pro­pri­ate au­dit ev­i­dence to sat­isfy our­selves as to the ap­pro­pri­ate­ness of the above car­ry­ing amounts in ac­cor­dance with MFRS 139: Fi­nan­cial In­stru­ments: Recog­ni­tion and Mea­sure­ment and whether any ad­just­ments to these amounts were nec­es­sary,” EY said in its in­de­pen­dent au­di­tors’ re­port.

A year ago, EY gave a qual­i­fied opin­ion on FSBM’s au­dited state­ments for FY15 for the same debt.

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