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Annual Report 2021 for the financial year ended 30 June 2021 ("Annual Report 2021")

INIX TECHNOLOGIES HOLDINGS BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-19112021-00001
Subject Annual Report 2021 for the financial year ended 30 June 2021 ("Annual Report 2021")
Description
Additional information in relation to the Annual Report 2021
Query Letter Contents

We refer to your Company’s announcement dated 15 November 2021, in respect of the aforesaid matter.

 

In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

 

1)   The reason for the delay in announcing the retraction of Annual Report 2021.

2)   The nature of the further queries by the  auditor’s Engagement Quality Control Review with regards to the

       Audited Financial Statements for the financial year ended 30 June 2021 (“Further Queries”).

3)  The reason the Further Queries were not divulged to the management earlier.

 

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

 

Yours faithfully

 

LISTING

REGULATION

 

Cc : Market Surveillance Dept., Securities Commission (via fax)

1.  The reason for the delay in announcing the retraction of Annual Report 2021.
As stated in our reply to Bursa Securities on 15 November 2021, we were trying to understand and comprehend as to why the auditors have taken the stand and were concerned as to what were the material discrepancies or other issues. As far as we were concern, since Messrs. SBY Partners PLT (“SBY”) was the auditors of the Holding Company and 6 out of 7 subsidiaries, we were perplexed as to how significant the queries were which would significantly affect the signing of the accounts and were informed at the 11th hour.  We had on 8 November 2021 at 10.43 pm received an email from the auditors asking us to retract the Annual Report in failing which they informed us they will issue a letter to Bursa Securities. On the 9th November 2021, the management and the Audit Committee Chair had a meeting to obtain clarification from the auditors and subsequently we received the list of audit queries raised by SBY’s Engagement Quality Control Review on 9th November 2021 at 4.55 pm.  It was unfortunate that the matters could not be resolved within 3 days and as such the retraction came subsequent to that.


2. The nature of the further queries by the auditor’s Engagement Quality Control Review with regards to the Audited Financial Statements for the financial year ended 30 June 2021 (“Further Queries”).
The 1st queries raised by the auditors on 9 November 2021 were as follows:

  • Recoverability of deposit paid to relevant parties
  • Impairment of Investment
  • Verification work on Gateway Platform - Subsidiary

The 2nd queries raised on 12 November 2021 were as follows:

  • Confirmation from Creditors
  • Bank confirmations

     

3. The reason the Further Queries were not divulged to the management earlier.
The management is unable to determine the reason these queries were not divulged as the major queries are related to the Holding Company and subsidiaries which was audited by the auditor.


This announcement is dated 22 November 2021. 

             





Announcement Info

Company Name INIX TECHNOLOGIES HOLDINGS BERHAD
Stock Name INIX
Date Announced 22 Nov 2021
Category General Announcement for PLC
Reference Number GA1-22112021-00024




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