Auditors qualify opinion on SMTrack's accounts

PETALING JAYA: External auditors have provided a qualified opinion on SMTrack Bhd’s financial accounts for the year ended July 31, 2017, on the recoverability of IT equipment which was rented out by the company under installation.

In a filing by SMTrack’s board of directors, the company’s External Auditors, Messrs. KC Chia & Noor said in their report that the firm was unable to ascertain the director’s assessment of recovery of the asset valued at about RM1.58 million which was rented out from October 2016.

The IT equipment was rented out for two years in installations, for a project which was terminated in the past financial year but has however been reclassified as rented out in the current financial year.

SMTrack's shares fell 3.23% to close at 15 sen with some 295,000 shares done.