SINGAPORE – Tee International’s independent auditor, Foo Kon Tan LLP, has issued a disclaimer of opinion relating to the group’s financial statements for the financial year ended Sept 30, 2023.
In a report posted by Tee International to the Singapore Exchange late on Jan 9, the auditor said it was unable to determine whether adjustments are required to the group’s financial year 2023 financial statements.
This stems from uncertainty over the group’s opening balances as at Oct 1, 2022, which “form the basis of determining the financial performance, changes in equity and cash flows of the group” for FY2023, it said.
Foo Kon Tan had previously expressed a disclaimer of opinion in its independent auditor’s report dated Jan 13, 2023, in respect of the group’s FY2022 financial statements.
It said that matters contributing to the modification of its audit report for FY2022 include “limitation of scope on opening balances, insufficient information to complete the audit of the consolidated financial statements of the group, completeness of liabilities, and appropriateness of the going concern assumption”.
The auditor said it is still unable to obtain sufficient appropriate information to determine whether any adjustments might be necessary to the amounts and disclosures shown in the group’s FY2022 financial statements. This includes the group’s closing balances as at Sept 30, 2022 and opening balances as at Oct 1, 2022.
Trading in Tee International’s shares has been suspended since June 2021. THE BUSINESS TIMES