Bursa reprimands MTD ACPI

PETALING JAYA: Bursa Malaysia Securities Bhd has publicly reprimanded MTD ACPI Engineering Bhd for failing to take into account adjustment items in its fourth quarter results ended March 31, 2013.
Bursa said MTD ACPI is required to review and ensure the adequacy and effectiveness of its financial reporting function and carry out a limited review on its quarterly report submissions.
"The limited review must be performed by the company's external auditors for four quarterly reports commencing no later from the quarterly report for the financial period ended Mar 31, 2015," it said.
In addition, MTDACPI must ensure all its directors and relevant personnel attend a training programme on compliance with the main market listing requirements pertaining to financial statements.
The adjustments are related to under provision of tax payable and deferred tax liabilities and over recognition of profit, as well as additional provision of slow moving stock and bad debts.