Ageson appoints independent auditor to look into allegation of suspicious transactions

TheEdge Tue, Jan 16, 2024 08:32pm - 3 months View Original

KUALA LUMPUR (Jan 16): Ageson Bhd, which is involved in mineral resources trading, property development and engineering, procurement, construction and commissioning, has appointed Virdos Lima Consultancy (M) Sdn Bhd (VL Consultancy) to look into audit issues and matters raised by its external auditor Messrs Jamal, Amin & Partners and their basis for expressing a disclaimer of opinion on the company’s audited financial statements for the 18-month financial period ended Dec 31, 2022 (FPE2022).

In a filing with Bursa Malaysia on Tuesday, Ageson said its external auditor had raised concerns on certain audit issues which encompasses transactions within the company and three other subsidiaries, namely Ageson SMSGMBH Sdn Bhd, Ageson Power Sdn Bhd and Ageson Industrial Sdn Bhd.

VL Consultancy will conduct an independent assessment in relation to the audit issues raised by the external auditor 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 SMSGMBH 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 capitalisation of debt assignment within the group.

VL Consultancy will commence its fieldwork on Jan 26 and is expected to complete the independent assessment by end-March this year, subject to Ageson’s compliance with the terms set out in the engagement agreement between VL Consultancy and Ageson.

Ageson slipped into Practice Note 17 status on Nov 1, 2023, following the disclaimer of opinion by Messrs Jamal, Amin & Partners.

Its share price closed unchanged at 6.5 sen on Tuesday, giving it a market capitalisation of RM18.8 million. The stock has fallen 67.5% over the past one year.

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