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MariaSharpie

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Epicentre auditor withholds opinion
« on: October 12, 2017, 04:32:20 pm »
AUDITOR BDO has withheld its opinion on Epicentre Holdings' FY2017 accounts due to a lack of appropriate evidence for a number of  transactions.

Epicentre, a Catalist-listed Apple reseller, has appointed Deloitte & Touche to carry out an independent review of the issues.

In explaining its disclaimer of opinion, BDO said that it could not verify transactions related to certain consultancy services agreements, including S$3.95 million of income for the year ended June 30 and S$2.5 million of receivables. In particular, the  auditor could not ascertain the commercial reasons and economic  substance of the consutancy services, the legality and legitimacy of those service agreements and the source of funds that were purportedly  received from customers.

More at https://www.prolificskins.com/forum/current-affairs/epicentre-auditor-withholds-opinion