After Bursa’s reprimand, SCIB says group now has stronger internal controls and audit processes
- SCIB acknowledged that the late submission of its Annual Report 2021 was primarily due to complexities in auditing overseas construction contracts.
KUALA LUMPUR (Dec 5): Sarawak Consolidated Industries Bhd (SCIB), which was reprimanded by Bursa Securities last week for the late submission of its Annual Report 2021 — with two of its former board members, including Datuk Mohd Abdul Karim Abdullah also fined by the regulator — said it has since taken significant measures to ensure such delays do not recur.
These measures include the timely publication of its Annual Report 2023 on Oct 31, 2023, to demonstrate its renewed commitment to timely and transparent financial disclosures, the industrialised building systems specialist said in a statement on Monday.
SCIB acknowledged that the late submission of its Annual Report 2021 was primarily due to complexities in auditing overseas construction contracts, which was noted by Bursa in its public reprimand of the company.
SCIB also said the issue had highlighted areas for improvement in the group’s financial reporting processes. The issue, it added,…
