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NewsSpecial audit finds no unusual cash payments by Compugates
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Special audit finds no unusual cash payments by Compugates
by Cals Fri 15 Aug 2014, 23:09
| Special audit finds no unusual cash payments by Compugates |
| Business & Markets 2014 |
| Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com |
| Friday, 15 August 2014 09:23 KUALA LUMPUR: Messrs Crowe Horwath, the special auditor appointed by Compugates Holdings Bhd, said no unusual or unauthorised cash payments relating to a RM3 million payment made by the company for advisory support services were identified, following the completion of its special audit on Compugates. Compugates in a filing with Bursa Malaysia yesterday said that arising from the findings of the special audit, the company had reviewed its processes and put in place further documentations to strengthen the current limitation in the documentation and justification in supporting the payment for advisory support services in the future. Compugates’ former external auditor Messrs Baker Tilly Monteiro Heng in April this year issued a qualified opinion on the company’s financial statements for the financial year ended Dec 31, 2013 (FY13), stating that it was unable to obtain sufficient appropriate audit evidence pertaining to an expense of RM3 million for advisory support services. Note 28(b) in Compugates’ FY13 statements had stated the RM3 million payment for advisory support services for work done and proposed projects. This article first appeared in The Edge Financial Daily, on August 15, 2014. |
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