Pursuant to Paragraph 9.19(37) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of Multi-Usage Holdings Berhad (“MUH” or “the Company”) wishes to announce that the Company’s External Auditors, Messrs. UHY had expressed the following qualified opinion in the Independent Auditors’ Report for the financial year ended 30 June 2022.
A. QUALIFIED OPINION
The details of the qualified opinion as disclosed in the Independent Auditors’ Report is reproduced as follows:
"Qualified Opinion
We have audited the financial statements of Multi-Usage Holdings Berhad, which comprise the statements of financial position as at 30 June 2022 of the Group and of the Company, and the statements of profit or loss and other comprehensive income, statements of changes in equity and statements of cash flows of the Group and of the Company for the financial year then ended, and notes to the financial statements, including a summary of significant accounting policies, as set out on pages 18 to 120.
In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion section of our report, the accompanying financial statements give a true and fair view of the financial position of the Group and of the Company as at 30 June 2022, and of their financial performance and their cash flows for the financial year then ended in accordance with Malaysian Financial Reporting Standards, International Financial Reporting Standards and the requirements of the Companies Act 2016 in Malaysia.
Basis for Qualified Opinion
On 24 October 2017, the Auditors' Report on the Financial Statements of the Group and of the Company for the financial period ended 30 June 2017 was issued. The said report contains a qualified opinion by the Company's predecessor auditors, Messrs. Baker Tilly Monteiro Heng as detailed in Note 32.
We are unable to obtain sufficient appropriate audit evidence to determine the nature and extent of relationship that may exist between the Company and its Relevant Subsidiary Companies and the Special Purpose Vehicle ("SPV") by virtue of the said transactions and the debt restructuring exercises. Consequently, we were unable to determine whether the Company had control over the SPV; and the completeness of the comparative disclosures relating to the related party transactions between the Group and the SPV.
We conducted our audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing. Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion."
B. STEPS TAKEN OR PROPOSED TO BE TAKEN TO ADDRESS THE KEY AUDIT MATTERS THAT RELATES TO THE QUALIFIED OPINION
The Board will seek professional advice on additional procedures to complement the existing issues that highlighted in the Auditors' Report contains a qualified opinion by the Company's predecessor auditors.
C. TIMELINE
Barring any unforeseen circumstances, the Company expects to resolve the abovementioned issues relating to the qualified opinion in the coming financial year.
D. ALL KEY AUDIT MATTERS DISCLOSED IN THE EXTERNAL AUDITORS’ REPORT
Please refer to page 11 to 13 of the attachment.
This announcement is dated 26 October 2022.