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PETALING JAYA: Axis Inc Bhd has formalised the appointment of Messrs Horwath, its current external auditor, to carry out a special audit on its transactions with contract manufacturers from April 1 last year to March 31.
Axis said in a statement to Bursa Malaysia yesterday the audit would also include the balances outstanding with the contract manufacturers as at March 31.
“The audit procedures include the determination of the nature of the transactions and validation of the transactions and balances to the appropriate audit evidence,” it said.
On Aug 1, Axis told Bursa Malaysia that Horwath was unable to obtain sufficient appropriate audit evidence and explanations over several transactions, including about RM105mil due from contract manufacturers that had to be verified.
Axis yesterday said upon completion of the special audit, Horwath would present the findings and recommendations for the appropriate adjustments, if any, to the company’s financial statements.
“The preliminary draft report will be made available for discussion within eight working weeks from the date of commencement of work and the special audit is expected to start on Aug 11,” it said.
Axis said in a statement to Bursa Malaysia yesterday the audit would also include the balances outstanding with the contract manufacturers as at March 31.
“The audit procedures include the determination of the nature of the transactions and validation of the transactions and balances to the appropriate audit evidence,” it said.
On Aug 1, Axis told Bursa Malaysia that Horwath was unable to obtain sufficient appropriate audit evidence and explanations over several transactions, including about RM105mil due from contract manufacturers that had to be verified.
Axis yesterday said upon completion of the special audit, Horwath would present the findings and recommendations for the appropriate adjustments, if any, to the company’s financial statements.
“The preliminary draft report will be made available for discussion within eight working weeks from the date of commencement of work and the special audit is expected to start on Aug 11,” it said.
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