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Epicentre Holdings' independent auditors issue qualified opinion over ongoing Deloitte & Touche review

INDEPENDENT auditors for Apple product reseller Epicentre Holdings have issued a qualified opinion on the financial statements for the year to June 30, said the company's board on Thursday.

Crowe Horwath First Trust offered the qualification over the group's opening balances as an independent review by Deloitte & Touche is still ongoing.

"Accordingly, we are unable to determine whether any findings may be reported by Deloitte & Touche and any adjustments arising thereon which may have an impact on the financial statements of the group and the statement of financial position and statement of changes in equity of company for FY2017," the auditors wrote.

Meanwhile, the forward receivables of S$3.99 million that led preceding auditors to give a disclaimer of opinion on the financial statements for the previous financial year have been fully recovered, Crowe Horwath First Trust added.

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Deloitte & Touche was appointed to look into certain consultancy services agreements that led auditor BDO to withhold its opinion on the FY2017 accounts, including the commercial reasons for the services and the legality and legitimacy of the agreements. BDO also flagged transactions involving a Chinese supplier and escrow agents partly owned by Epicentre chairman Lim Tiong Hian.

Epicentre shed 0.3 Singapore cent, or 3 per cent, to S$0.097, before the announcement.