Monday, June 28, 2021

In Malaysia, a company claiming to have been wronged by KPMG takes on one of the world's Big Four accounting firms

Burn, Big 4, Burn!

KL, 28 June 21: Serba Dinamik is a big corporation, by Malaysian standards. But compared with KPMG, it is tiny. In the eyes of the world's giant accounting firms, the Bumiputera entity is puny. Smaller than tiny. Therefore, news that the Sarawak-based MRO company has decided to sue KPMG, its own auditor until recently, is I-almost-fell-of -the-chair huge, shocking. What were the people at Serba Dinamik thinking? Have they gone mad? Suicidal? In all my years as a journalist - half that time as a financial reporter - no Malaysian company had dared defy the Big Four, let alone take them to court!

But that's what makes it interesting, right? David vs Golliath. The Underdogs vs, the, er,  Undergods.

So I asked a very seasoned accountant's take on the matter. The quality of the response, I must say, took me aback:

"I think it's time for corporations to fight back. For too long, they have abused their positions. Some have even held companies to ransom. Good time for the Big Four to burn."

Interesting, indeed.

Read: Serba Dinamic vs KPMG, a "shoplot auditor" case? - NST 

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