Our website is made possible by displaying non-intrusive online advertisements to our visitors.
Please consider supporting us by disabling or pausing your ad blocker.
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.
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.
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.