Monday 28 June 2021

KPMG. What's the colour of Money

Was a UK top ten hit some four decades ago for Hollywood Beyond, the one hit wonder which paydirt with the single.

The lyrics to this song goes something like this,

principles denied
Passion faked and sold to the anthem green and gold.
Colour of the virtue by working like a slave
More precious than life? itself
what''s the colour tempting fate?
What''s the colour of money
what''s the colour of money?

So what is the colour of money? If you ask the shareholders of Serba Dinamik Bhd, they probably say it is the colors of KPMG.

KPMG's actions has led to a culling of Serba Dinamik shares. 
Some RM5 billion in market cap has been put to the sword, with the blood bath, drawing in the likes of the Audit Oversight Board  and the research fraternity.

Below is a snap short of what Serba Dinamik had to endure; 

 All this,  while the elephant in the room was being ignored,  adding credence  that the age of the Audit Oversight  Board being under SC, belongs to bygone Era that does more harm than good.

For reason known only to KPMG,  it  ran to the Audit Oversight Board, knowing full well that Serba Dinamik was in agreement with KPMG, that the truth should come out from a bipartisan, and competent Audit firm.

Why did the Audit Oversight Board  not sanction KPMG for jumping the gun ? Why did the Audit Oversight Board jump to defend KPMG.  CLICK HERE TO READ

Did the Audit Oversight Board  ask KPMG these simple questions?  

When you suggested an independent Audit, did you tell the management  of Serba Dinamik you will still report them . If you did, then kudos  to KPMG. But if you did not, the RM 5 billion in WHY?

If you wish to know on what professional skepticism is click on the link below :