KUALA LUMPUR (Jan 8): Practice Note 17 (PN17) company Annum Bhd (KL:ANNUM) has appointed Messrs LTTH PLT as its auditor, effective Wednesday.
In a filing with Bursa Malaysia, Annum said LTTH will hold office until the conclusion of the company’s next annual general meeting.
This follows the retirement of its previous auditor Messrs SBY Partners PLT upon the conclusion of the 25th annual general meeting held on June 21, 2024.
SBY had previously expressed a disclaimer of opinion on Annum’s audited financial statements for the 18 months ended June 30, 2023, after it failed to obtain sufficient evidence to verify certain assets of the group. This caused the company to be categorised as a PN17 company.
Following that, the wood products manufacturer appointed Parker Russell to conduct an independent review on the audited financial statements.
The independent assessment confirmed the ownership, existence, accuracy, completeness and functionality of the company’s concerned assets. Annum now has an approximately four-month deadline to submit its regularisation plan.
Annum had also previously had trouble issuing its annual report for the financial period ended June 30, 2023 (FY2023) that was initially due on Oct 31, 2023.
It wasn’t until May 8, 2024 that the company finally issued its FY2023 annual report.
After missing the deadline for the issuance of its annual report, Annum had received a show-cause notice from Bursa Malaysia over the outstanding report in which it submitted written representation to the regulator to explain why it should not be delisted.
Back in October 2023, Annum said that it was unable to release its annual report for FY2023 because the group could not find a suitable auditor, after approaching 31 potential auditors, following the resignation of its previous one. It said that most of them cited resource constraints.
While it finally managed to appoint SBY as its new auditor on March 29, 2024, it did not meet its aim of issuing the annual report by April 30 as the auditor was unable to vouch for the company’s financials, with this leading to the disclaimer of opinion.
Annum’s shares were last traded on Tuesday, closing at 6.5 sen, for a market capitalisation of RM13.56 million.
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Source: EdgeProp.my
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