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Trek 2000's auditors lodge Acra report over documentation deficiencies
THE auditors of thumb-drive maker Trek 2000 International have lodged a report with the Accounting and Corporate Regulatory Authority (Acra) that may be related to documentation deficiencies, the company said in a Singapore Exchange filing on Tuesday.
It added that it was "in the process of addressing the queries and further clarification sought by the auditors" and would convert its current trading halt into a voluntary suspension.
Trek 2000 said that its auditors Ernst & Young (EY) informed it on April 21 that EY had made a report to Acra "of matters that have come to the auditors' attention in the course of their audit" of Trek 2000's financial statements" for the year ended Dec 31, 2015.
It said that it was not privy to the report contents but EY told it that the report was "accompanied by correspondence" between EY and Trek 2000 that had been about documentation deficiencies at Trek, further audit works in view of the deficiencies and an ongoing interested-party transaction (IPT) inquiry.
The deficiencies were found in relation to certain sale transactions between one of Trek 2000's subsidiaries and a customer. The aggregate value of those sale transactions was about US$3.2 million.