Auditors issue qualified opinion on Wintoni's annual accounts

by **Cals** Wed 06 May 2015, 00:19

Auditors issue qualified opinion on Wintoni's annual accounts

KUALA LUMPUR (May 5): Wintoni Group Bhd ([You must be registered and logged in to see this image.] Financial Dashboard)'s external auditors Messrs SJ Grant Thornton has issued a qualified opinion on the company's audited annual accounts for the financial year ended Dec 31, 2014 (FY2014).

According to Wintoni's (fundamental: 2; valuation: 0) filing to Bursa Malaysia, SJ Grant Thornton said the basis for the qualified opinion was because the auditors have yet to physically sight some computer equipment worth RM3.714 million that the Wintoni Group has, which is in the US.

Interestingly, Wintoni's quarterly result announcement also did not mention anything about the group having an operation in the US.

However, the auditor stated a qualified opinion in Wintoni's Audited Financial Statements for the financial year ended Dec 31, 2014 (FY14) gave a true and fair view of the financial position of Wintoni as at Dec 31, 2014.

"Their financial performance and cash flows for the financial year then ended in accordance with Malaysian Financial Reporting Standards, International Financial Reporting Standards and the requirement of the Companies Act, 1965," the auditor said.

"We are satisfied that the financial statement of the subsidiary companies that have been consolidated with the company's financial statements were in form and content appropriate and proper for the purposes of the preparation of the financial statements of the group.

"We have received satisfactory information and explanations required by us for those purposes," the auditor added.

Wintoni hogged the limelight in February as its share price rocketed from barely seven sen to a high of 40 sen in less than two months. The stock exchange has warned investors to trade Wintoni shares with cautious following the sharp rise on its share price. The stock fell 0.5 sen or 1.56% at 31.5 sen with a market capitalisation of RM164.16 million.

(Notes: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)