KUALA LUMPUR (Sept 7): Iskandar Waterfront City Bhd (IWCity) has appointed Messrs Crowe Malaysia PLT as its new external auditor.

“The board of directors of IWCity wishes to announce that the board has approved the audit committee’s recommendation to appoint Crowe Malaysia as the new external auditor of the company for the financial year ending Dec 31, 2022,” the property developer said in a filing with Bursa Malaysia on Wednesday (Sept 7).

Its previous external auditor Messrs Ernst & Young PLT (EY) has resigned, as the group adhered to “good corporate governance” by revisiting the appointment of its external auditor from time to time.

“In addition, the appointment of Crowe Malaysia is in line with the holding company’s engagement with Crowe Malaysia,” it added.

However, IWCity noted that the appointment is still subject to the company receiving Crowe Malaysia’s written consent to act as its external auditor pursuant to Section 264(5) of the Companies Act 2016.

On Tuesday, IWCity received a notice in writing from EY of the latter’s move to resign on a voluntary basis. The auditor’s term of office is to end 21 days from Sept 27.

At 3.22pm on Wednesday, shares in IWCity were down 1.5 sen or 5.08% to 28 sen, giving the company a market capitalisation of RM257.92 million.