No unusual cash payments at Compugates

PETALING JAYA: A special audit carried by Compugates Holdings Bhd's special auditor Messrs Crowe Horwath has not identified any unusual or unauthorised cash payments or invalid contracts for advisory support services.
"Arising from the findings of the special audit, the board of directors has further appraised the processes and has put in place further documentation to strengthen the current limitation in the documentation and justification in supporting the payment for advisory support services in future," the electronic products distributor said in a filing with Bursa Malaysia.
To recap, Compugates's audited financial statements for the financial year ended December 31, 2013, were qualified by auditors Messrs Baker Tilly Monteiro Heng, when it could not obtain sufficient appropriate audit evidence of a RM3 million professional fee paid to an offshore company in relation to advisory support services for work done, and proposed projects.