Kinsteel proposes change of auditors

PETALING JAYA: Kinsteel Bhd has proposed to change its auditors to Messrs Baker Tilly Monteiro Heng for the financial year ending June 31, 2018, in place of the outgoing auditors, Messrs Crowe Horwath.
Kinsteel told the stock exchange that Crowe Horwath had expressed their intention not to seek for re-appointment as auditors of the company at the forthcoming AGM for the ensuing financial year.
The group said the proposal is subject to the approval from the company’s shareholders at the forthcoming AGM to be held on Jan 15, 2018.
 
“The company confirms that there were no disagreements with Crowe Horwath on the accounting treatment within the last 12 months and that the company is not aware of any other circumstances in relation to the proposed change of auditors that should be brought to the attention of the shareholders of the company,” it added.
Crowe Horwath had expressed a disclaimer of opinion in their Independent Auditors’ Report in the company's audited financial statements for the financial year ended June 30, 2017.
Crowe Horwath said there are material uncertainties that may cast significant doubt on the ability of the group and of the company to continue as going concerns.
The PN17 company is required to submit a regularisation plan within 12 months from the date of the first announcement (Oct 27, 2017) to the relevant authorities for approval.
The company had on Oct 23, 2017 submitted an application for extension of time up to April 30, 2018 to submit the regularisation plan to the authorities.
The outcome of the application for extension of time will be announced upon the decision received from Bursa Securities, Kinsteel said.