Miyoshi's financial statements get qualified opinion from auditors

MIYOSHI's independent auditors, BDO, have furnished a qualified opinion on the group's financial statements for the fiscal year ended August 2019. The qualified opinion is the result of insufficient appropriate audit evidence on certain balances.

The Catalist-listed precision tool maker commented in a regulatory filing on Dec 7 that it has not finalised the impairment assessment on the investment in associate, Core Power (Fujian) New Energy Automobile, as at the date of the audit report on Dec 6. Therefore, its auditors were unable to obtain sufficient appropriate audit evidence about the carrying amount of the investment in the associate as at Aug 31 and the group's equity accounting.

Also, Miyoshi announced that there were adjustments made to the FY2019 financial statements, subsequent to the release of the unaudited financial results and upon the finalisation of the audit. The changes included sums arising from deferred cash settlement to be paid to Core Power (Fujian) New Energy Automobile.

Miyoshi closed flat at S$0.034 on Dec 6.