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Forensic Audit

Scope of
Work

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01

Fraud Investigation

To investigate suspected frauds by inspecting evidences and interviewing relevant parties.

03

Litigation Support

To offer expert assistance and evidence-based insights to support litigation processes.

02

Reporting

To compile and present investigative findings in a comprehensive report.

Scenarios

where Forensic Audit is needed

Suspected Fraud / Fraudster

Misappropriation of Funds / Assets

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Fraudulent Financial Reporting

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Cash Theft

To Quantify the Financial Losses Suffered

To Obtain Evidences for Legal Proceedings

Target audience

Business
owners
Management
of a company
Lawyers

What does CCS do?

Meeting client to understand the situation

Conducting investigation

Gathering evidences

Preparing Investigative findings in report

Provide litigation support

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Practical experience and summary of the existing case

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DISCLAIMER

CCS & CO PLT 202206000043 (LLP0033899-LCA) & AF 1538 was registered on 29th December 2022. 

With effect from that date, CCS & CO (AF 1538), a conventional partnership, was converted to a limited liability partnership.

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Classita misappropriated funds

Classita Holdings Berhad (formerly known as Caely Holdings Berhad)

Classita Holdings Berhad (formerly known as Caely Holdings Berhad), a lingerie manufacturer faced a serious financial misconduct within its subsidary, Caely (M) Sdn Bhd during year 2022.

The incident has led the company to lodge police report and in October 2022, named 12 individuals as defendants over alleged misappropriation of RM30.55 millions in funds from the subsidiary. The defendants include its founder and former executive directors.

A forensic audit investigation was initiated by the Company, with expectations to uncover the truth and to recover the misappropriated funds as soon as possible. Hence, the Company has appointed an external consulting firm to conduct the said forensic audit.

In October 2023, the external consulting firm has issued a forensic audit report which found questionable related party transactions, potential concealment of financial interests and conflicting relationships. The case is now pending litigation before the Court.

This case underscores the critical role of forensic auditing in uncovering financial fraud and protecting the interests of shareholders and stakeholders. By engaging the service of forensic audit investigation, forensic auditors can shed light on financial crimes and help restore trust and transparency.

Source: https://www.nst.com.my/business/corporate/2023/10/971191/classita-forensic-report-caely-m-found-questionable-transactions

fraudulent financial reporting

Serba Dinamik Holdings Berhad

The case of Serba Dinamik Holdings Berhad, an oil & gas service provider, has involved fraudulent financial reporting.

In late May 2021, the external auditor KPMG has raised statutory audit issues for year ended 31 December 2020 as the audit team from KPMG was not able to verify contracts and transactions worth RM3.5 billion. The disagreement between KPMG and the company has let to an appointment of an external party to conduct special independent review on the issues raised by KPMG. Under Bursa’s Directive, the company is required to announce the impact of the findings in relation to the special independent review.

The findings of the external party reported a number of issues such as usage of suppliers’ company stamp, falsifying documents, boosting contracts to raise funds from financial institutions and so forth.

In this case, the independent review conducted by the forensic auditor is crucial in uncovering fraudulent financial reporting and supporting Malaysian capital market regulator in promoting good corporate governance.

Source: https://theedgemalaysia.com/article/cover-story-what-serba-dinamik-didnt-want-you-know

Summary of
existing case

A business owner, Mr. X of ABC Company (“the Company”) sought our forensic audit services after noticing negative cash balances at the period end and cash flow discrepancies over a five-year period, even though the Company is profit making every year and the business model is a high cash inflow business. Our investigation revealed that the Company’s Finance Manager had been misappropriating RM1.5 million through fraudulent supplier invoices, treating personal claims as the Company’s expenditure and unauthorised cash transfers into personal bank accounts. The Finance Manager had also altered financial records and bypassed internal controls, allowing the fraud to go undetected by the colleague.

Our forensic audit team conducted a detailed analysis of the cash collection and cash payment records and uncovered suspected missing cash suffered due to misappropriation of cash. We provided expert litigation support, including preparing a comprehensive report documenting the fraudulent activities and estimated financial losses, presenting evidence in court, and offering expert testimony to explain the financial manipulation. This helped Mr. X’s legal team securing a favorable judgment.

Our accounting firm specialises in forensic audits and litigation support, assisting business owners to identify, investigate and uncover fraud. If you suspect any fraud within your organisation, our team is ready to assist you.

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