Categorized | Singapore Trading News

Darco water technologies respond to SGX

SINGAPORE : Darco Water Technologies has responded to queries made by the Singapore Exchange in relation to a disclaimer of opinion by independent auditors LTC LLP on its financial statements. 

Explaining the delay in making the necessary SGXNET announcement after the auditor’s disclaimer, Darco Water Technologies said that it was trying to persuade the auditors to review their statements made in Darco’s report but the auditors refused. 

In response to queries about adjustments to its financial statements, Darco said it made the adjustments based on its own investigations, instead of relying on those from independent accountants. 

On whether receivables amounting to S$14.1 million were recoverable, Darco said that these were outstanding intercompany balances that did not present an issue of recoverability. 

SGX’s queries came after LTC LLP said on June 23 that they were unable to gather audit evidence that was adequately sufficient and appropriate from the company in performing a complete and satisfactory valuation of the transactions and assets relating to the firm. 

LTC LLP said it was also unable to form the requisite opinions for the audit as the management had not given a response to the queries within the set time frame. 

There were a total of 10 queries made via SGX-NET. 

Adapted from channelnewasia

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