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Bursa requests special audit on HB Global’s inventories

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Bursa requests special audit on HB Global’s inventories Empty Bursa requests special audit on HB Global’s inventories

Post by Cals Wed 27 Nov 2013, 10:19

Bursa requests special audit on HB Global’s inventories


Business & Markets 2013
Written by Fatin Rasyiqah Mustaza of theedgemalaysia.com   
Wednesday, 27 November 2013 09:55
KUALA LUMPUR: China-based HB Global Ltd has appointed BDO Governance Advisory Sdn Bhd to conduct a special audit on its inventories as requested by Bursa Malaysia.

The appointment followed the group’s special audit findings on Oct 21 this year in which the auditors were able to reconcile the cash balance on its books but were unable to conduct physical checks on its inventories.

The final report from BDO Governance’s last audit highlighted that the auditors were able to reconcile the cash balance, trade receivables and trade payables, contrary to the findings of its previous auditors.

In May this year, HB Global’s previous auditors Paul Wan & Co could not give an opinion on the accounts of the group for the financial year ended Dec 31, 2012. — by Fatin Rasyiqah Mustaza


This article first appeared in The Edge Financial Daily, on November 27, 2013.
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