AGES

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OTHERS AGESON BERHAD ("AGESON" OR THE "COMPANY") - APPOINTMENT OF INDEPENDENT REVIEWER

AGESON BERHAD

Type Announcement
Subject OTHERS
Description
AGESON BERHAD ("AGESON" OR THE "COMPANY")
- APPOINTMENT OF INDEPENDENT REVIEWER

The Board of Directors (the “Board”) of AGESON wishes to announce that Company had on 16 January 2024 appointed Virdos Lima Consultancy (M) Sdn Bhd (“VL Consultancy”) to conduct an independent assessment of the audit issues and matters raised by the Company’s external auditors and their basis on disclaimer of opinion issued to the Company as contained in the Audited Financial Statements for the financial period ended 31 December 2022.

 

The Company’s external auditors had raised concerns on certain audit issues which encompasses transactions within the Company and three other subsidiaries, namely Ageson SMSGMBH Sdn Bhd (“Ageson SMS”), Ageson Power Sdn Bhd (“Ageson Power”) and Ageson Industrial Sdn Bhd (“Ageson Industrial”).

 

VL Consultancy will conduct an independent assessment in relation to the audit issues raised by the external auditors based on the following scope of works: -

 

  1. Ascertain the veracity and appropriateness of the revenue, cost of sales and expenses reported from the trading of construction materials and impairment of other receivables presented in the statement of profit or loss and other comprehensive income for the Company, Ageson SMS and/or Ageson Power;
  2. Evaluate the valuation methods and credibility of the entity engaged for the valuation of intangible assets of Ageson Industrial by ensuring Ageson Industrial meets the requirements set by regulatory bodies and professional standards; and
  3. Evaluate the treatment of capitalization of debt assignment within the group.

 

VL Consultancy shall commence their fieldwork on 26 January 2024 and is expected to complete the independent assessment by end of March 2024, subject to Company's compliance with the terms set out in the Engagement Agreement between VL Consultancy and the Company.

 

This announcement is dated 16 January 2024.






Announcement Info

Company Name AGESON BERHAD
Stock Name AGES
Date Announced 16 Jan 2024
Category General Announcement for PLC
Reference Number GA1-16012024-00061