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Serbadk is not 1MBD . This time I think KPMG will end up like shits. My experience tell that the receivables in marine OIL & Gas sectors usually is very high. Their invoices are complicated and involved plenty of details to discuss and agreed upon. Settlement of invoices usually will take months or years. Hence vendors sometime can request for part payments before the actual amount of bills are settled.
@Dennis& Sure win, thanks for your well explaination. Maybe you could explain to us how the accounting records (balance sheet, cash flow, p&l) on directly payment from supplier to customer and how it affects sb's financial statement since you are in the line. Many thanks
Yup, high receivable maybe is normal for oil and gas company, but the problem is KPMG point out their customer/supplier info is wrong (maybe they are not exist), so now you know what is the problem? So you as a senior commercial executive but you can’t see what is the problem they facing?
It is a public listed company we are talking about here. Not a kedai runcit or sdn. bhd. Serba Dinamik has CFO and ex CFO in the company. Explanation to why customer or supplier address is either house, supermarket or labor accomodation is they have moved out. So all this while, your invoices are sent to house, supermarket or hostel? Customer never notify you on the address change? Accounting system did not administer the change?
Why need to know technically? As a ex staff of EY i know how audit works and definitely i can smell smtg fishy when see what company reply to query. Auditor usually will send empty balance to debtor to fill in and now company fill themselves then say other 11 reply? Come on
just go and study enron case. u will find out interesting and similarity part:
Enron Scandal Causes
The creation of a special purpose vehicle for concealing financial losses and a pile of financial debt;
Mark-to-market accounting as an accounting concept is an excellent method to value securities, but such a concept becomes a disaster when applied to the actual business.
Lapse of corporate governance in Enron Corporation.
I am working in US public listed oil and gas company. There is a process on contract governance. Prior to signing of contract with customer, credit team would request for supporting documents from customer and perform a background check if the company is financially strong to pay the contactual value. Else, it will go into bad debts. For vendors, there is also similar process performed by procurement. You cannot simply just tell ppl they move out or what. Get real.
stop claiming yourself to be who who who. EY la auditor la apa professional la. if all of u were so pro there's no need for u to fake an account in klse forum just like me already. very funny of u guys
@dennis, i'm respect you as an expertise in o&g but please be understand that this is not only an operation issue but also involved accounting, risk management and corporate governance which you are not expert in. Or you are also involved in such transactions in ur company so that you are understand these transactions? Then it will be another serious conflict of interest issue in ur company.
Anyway, I won't say i'm expert on wat, just telling the facts.
Oh, so we don’t listen to experience auditor advise because he is a ex-staff, no wonder a profession so hard to earn money in malaysia, all love to follow “sifu” and follow their six sense, ROFL
@Stephen, auditors can be of different levels. Auditors career can be short lived. Most auditors would move to corporate after acquire some experience from audit firms. Also possible, ex EY staff is retired or he or she already have enough wealth from investment that they dun need to work dy. Not all are salaried professionals.
another funny guy popping out, why must I listen to anyone in this market? if I don't listen to ex experienced auditor then I must be the one following sifu la? ur comment really funny. not to say what. at least those sifu live to show face rather than all those keyboard warrior hiding here
@et if u r a professional u won't be doing all this shit thing by asking ppl to stop barking. the reply is like a kid fighting around. I don't think a professional would do that
Maybe you facing a problem to read English, I say so is because you just simply say shit to profession and I did not say ppl that not listen to profession is all follow sifu a, how you understand it from my comment, aiyo
@Sunwukong some ppl are really rich here that they dun have to work for a day. it is understandable that they dun get to see the real life of corporate world.
sorry guys. If u r just giving your professional opinion of course I will take it seriously. but not those self proclaimed professional kid fighting around with those shitty comments
who's funnier here creating another fake Acc just to reply my comment. means u take my comment seriously. anyway thanks n like bald Kenji onn say, peace n love ya
@stephen If im not mistaken u came in to comment after me, should be u took my comment seriously so u came in and reply to me. Seems that u also having problem to recall things happens just half an hour away. Better go for a medical check up possible Alzheimer.
I don like to communicate with those unpleasant people who like to do personally attack on others. Their behavior reflect how low is their personality. If you like to make rubbished remarks and jokes I can joint you all but not personal attacks. This don make the share up or down.
Ya, KPMG not small. In fact Serba CFO was from KPMG. Ppl are asking why raise queries only now and not before. I checked with a friend who got contacts. This is the reason why. In the past, all audits was performed by KPMG staff in Sarawak. This round KPMG sent their auditors from KL with more stringent audit procedure. Yes, usually, auditor will ask for vendor or customer to sign documents. However, if it goes to the extent to check the physical address whether it exists means it is serious dy.
Oil and gas project payment is usually paid by milestone as per contract. Unless you are talking about sales of ready stock equipment in inventory with low value. With billion dollar project, it is unlikely that you allowed payment upon completion.
I don like to communicate with those unpleasant people who like to do personally attack on others. Their behaviors reflect how low is their personality. If you like to make rubbished remarks and jokes I can joint you all but not personal attacks. This don make the share up or down. My previous job is only answerable to our managing director and marketing director.. Our company is an international corp. Commercial Department is sub divided by different departments namely : Namely Finance dept which in charge of all payments, Billing dept in charge of customer invoices, Tender Dept in charge of of all type of repair and conversion enquiry and tenders submission, Sub-contract Dept in charge with sub-contractors tenders ,award and analysis of their bills and lastly Engineering design office complete legal office.
When u r working for a business or invest in a business, do your due diligence on how the company operate. All stakeholders play a role. Look at the whole supply chain and OTC process - Opportunity (from bidding) to Cash (you receive payment). Auditors pay attention to details. Contract terms, when u deliver, when u bill, check dates on documents, etc.
Just enter a bit to bet on KPMG lose the fight. Win or lose in this tussle will definitely has a big impact on the reputation of both parties SD and KPMG especially the later as KP already had a "not so good" reputation on handling of 1 MBD for 3 years and a few years here in SD. To me ,at the pandemic period, KP"s sudden change of action is very very fishy. What is the motives behind this, after so many years dealing with SD ? Is anything to do with the shares ? Or somebody in KP is betting heavily on this shares and ...?? There are question marks every way .....lol.
I dont see anything wrong with SB with no loss in the past and current manageble debt. Its just not right to say a 20 years of profitable company making such silly mistake(invoice with address) to make it look more profitable when it is proven profit company. Unless there is something wrong in the audit proccess.
Check their record. Its always profit even before listed in klse.
If you think SB no prob, then why the price can like this? Retailer can do much on price floatation....bcs you ho-9t inside and stuck so you will said so....
Buffett said: ‘We have seen a number of proposals from private equity funds where the returns are really not calculated in a manner that I would regard as honest. If I were running a pension fund, I would be very careful about what was being offered to me.’
@Henry Do you know why u didn’t see any wrong? Bcz its fake numbers..u understand the meaning of “Fake”. Just like fake news, definitely cannot be used as references
Like i said, why would one want to fake it to look profitable when it is already a proven profitable company for the last 20 years? does it make sense?
Ya, so you point out the main point already, a listed company try to fake it have a high profit, so the stock price also will up. Of course it is illegal, so you expect a outcome of fake accounting is legal? I am not saying serbadk have a fake accounting, since it still under investigate, but just answering your question.
