KUALA LUMPUR: XIAN LENG HOLDINGS BHD [], which reported financial irregularities relating to capital expenditure of RM17.36 million between 2006 and 2008, said the probe would cover seven financial years.
In a reply to a query from Bursa Malaysia Securities on Thursday, Oct 6, it said among the measures was to appoint an independent party for the special audit.
It added that it had also reviewed existing internal control measures and introduced new measures on financial records.
Xian Leng also said since the financial irregularities related to capital expenditure, it did not foresee any operational impact arising from such irregularities.
'Although financial impact is expected resulting from impairments to capital expenditure, the board of directors will only be able to determine the extent of such impact upon completion of the special audit,' it said.
It also said since the discovery of the financial irregularities, the board of directors and audit committees had held numerous meetings to address the issues.
'Our board has also sought consultation with Bursa pertaining to the possible actions to be taken. In addition to the intended appointment of independent party for the special audit by our board of directors, we have also reviewed existing internal control measures and introduced new measures on financial records.
'The financial years pertaining to the RM17.36 million announced are 2006 and 2008. Nevertheless, the scope of investigation by the special auditors shall extend to a period of seven financial years,' it said.
In a reply to a query from Bursa Malaysia Securities on Thursday, Oct 6, it said among the measures was to appoint an independent party for the special audit.
It added that it had also reviewed existing internal control measures and introduced new measures on financial records.
Xian Leng also said since the financial irregularities related to capital expenditure, it did not foresee any operational impact arising from such irregularities.
'Although financial impact is expected resulting from impairments to capital expenditure, the board of directors will only be able to determine the extent of such impact upon completion of the special audit,' it said.
It also said since the discovery of the financial irregularities, the board of directors and audit committees had held numerous meetings to address the issues.
'Our board has also sought consultation with Bursa pertaining to the possible actions to be taken. In addition to the intended appointment of independent party for the special audit by our board of directors, we have also reviewed existing internal control measures and introduced new measures on financial records.
'The financial years pertaining to the RM17.36 million announced are 2006 and 2008. Nevertheless, the scope of investigation by the special auditors shall extend to a period of seven financial years,' it said.
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