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image ) (KEY CHANGES IN THE ENHACED REPORT (Highlight going concern exsist…
)
Auditor's opinions and circumstances
2016
Unqualified of opinion with
emphasis of matter
.
The financial statements give a true and fair view, in accordance with
MFRS, IFRS and the Companies Act, 1965
.
A net loss of
more than RM30,000,000
, and the current liabilities
exceeded
current assets, a
deficit
in its shareholder’s equity.
Certain subsidiary companies of the Company were
not able to
meet their loan obligations.
Not resubmitted
its regularisation plan to address its PN17 status. Lack of the successful approval and implementation.
The accounting and other records and the registers have been properly kept in accordance with
the Act
.
Clean, can be presume to be free from misstatement.
Uncertainty
.
Going concern
problem. Sufficiently
material
2017
Unmodified opinion of EOM
ISA 700 /ISA 706/Companies Act 2016
Material Uncertainties Related to Going Concern
circumstances
company going concern problem
2)For two consecutive years listed in
PN17
4)The Company and its wholly owned subsidiaries,were granted a
restraining order
.
1)
Net loss
increased more than in 2016.
3)The company proposes to adopt a regularization plan to solve its
PN17
problem
KAM
Revenue and cost recognition on construction contracts
The most common KAM
Revenue recognition
Tianyin
The company's operating income in 2017 increased by 18.10% compared to 2016.
Shanxi Huatong
The high quality and acceptance requirements of the company's customers and performance commitment.
AVIC
Its aviation products account for more than 50% of operating income.
YFG
Uses the percentage-of-completion method in accounting for these long-term contracts.
Account receivable recoverability
AVIC
The provision for
bad debts
based on the
recoverability
of accounts receivable.
Shanxi Huatong
The
book value
of accounts receivable and receivables of the company is
large
.
KEY CHANGES IN THE ENHACED REPORT
An explicit statement about auditor's independence and other ethical responsibility
Highlight going concern exsist
Financial problem
company announcement('PN17')
Company's plan(How to address the issues)
Restraining by court(Restraining Order Period)
Opinion section present first
Key audit matters
Gain more insights into entity
Assist users to understand financial statement better(Revenue and cost recognition)
more transparency
more information
Information other than financial statement and auditors' report thereon
basis of opinion
with approved standard
with further described
The skill sets required
more effort required
Identify and assess the risk
Obtain the information
Evaluate the overall presentation
Conclude the use of account
communicate with the directors about the matters
KLIA
AMPANG PUTERI HOSPITAL,KL
IIUM
HUKM,KL
PANDAN HOSPITAL,JB
