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Forensic Audit

Scope of
Work

Contact Us
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

Get in touch with us to learn more

Practical experience and summary of the existing case

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Meet the team

Wong Woei Teng

Partner, Audit & Assurance

Edward Thun

Partner, Audit & Assurance
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A trusted, award-winning accounting firm that delivers measurable, sustainable results for our clients and communities.

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Contact Information

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.

 

©2019 – 2024 by CCS . All rights reserved.

TOP

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.

Wong Woei Teng

Partner, Audit & Assurance

C.A.(M), FCCA (UK), ASEAN CPA, B.Acc.(Hons)(UM)

Wong is a partner with CCS and plays an important role there.

She is currently directing the Assurance Departments of the Firms to deliver high-quality services to clients and ensure the Firm’s consistency in upholding the quality of assurance engagements. She is responsible for ensuring that the Firm’s approach has been consistently adhered to across the whole Firm, and she works closely with the assurance team to accomplish this.

Wong acquired a Bachelor of Accounting degree from the University of Malaya, where she studied for her whole academic career. In addition, she is a member of the Malaysian Institute of Accountants (abbreviated as “MIA”), a Fellow Member of the Association of Chartered Certified Accountants (abbreviated as “ACCA”), and she has registered to become an ASEAN Certified Public Accountant.

Wong first became a member of CCS in the year 2009. During her 14 years of expertise helping small and medium enterprises, she has worked in various industries, including construction, property development, and manufacturing.

In addition to the statutory financial audit, she has also participated in other engagements, such as the Agreed-Upon Procedure and the Corporate Tax Advisory. Throughout her years of service, she has been instrumental in reducing the number of disputes between taxpayers and officers and assisting small and medium enterprises in tax audit matters while attending to officers’ inquiries.

She has directed several GST implementation initiatives for corporations while providing internal training. During the implementation phase, she assisted a few businesses in resolving their GST registration issues by participating in a round table discussion hosted by the RMCD.

Edward Thun

Partner, Audit & Assurance

C.A.(M), ACA (ICAEW), CA (Singapore), ASEAN CPA, B.Acc.(Hons)(UM)

Edward is an Assurance Partner at CCS. He is also the leader of Quality Management and Technical of the Firm. His role is to uphold the audit quality and ensure the Firm is adhering to professional standards, legal and regulatory requirements when providing assurance services.

Edward graduated from University of Malaya with a degree of Bachelor of Accounting. He is a Chartered Accountant (“CA”) of Malaysian Institute of Accountants (“MIA”), and a member of Institute of Chartered Accountants in England and Wales (“ICAEW”), Institute of Singapore Chartered Accountants (“ISCA”) and ASEAN Chartered Professional Accountant (“ASEAN CPA”).

Edward has more than 10 years of combined experience in the field of audit, accounting advisory, financial control, financial analysis, and quality assurance. He worked in the Big 4 accounting firms across Malaysia and Singapore, with the last position as an Audit Manager. During his employment at the Big 4 accounting firms, he was involved in the audits of listed, non-listed and multinational companies of diversified industries. He was also a Practice Reviewer in MIA, who worked as a regulator to carry out surveillance activities on audit firms registered with MIA for quality assurance purposes.

Prior to joining CCS, Edward worked in a Minister of Finance (Incorporated) (“MOF Inc”) company. He was engaged as a Finance Manager, providing in-house technical expertise across a wide spectrum of financial areas including accounting advisory, tax advisory, corporate finance, valuation, financial due diligence, deal review, financial analysis, financial control, business process improvement, special financial assignments, special projects, and in-house training.

Edward is currently an Accredited Trainer of Human Resource Development Corporation (“HRD Corp”) and a member of the Small and Medium Practices (“SMP”) Committee of MIA. His role in MIA is to build the capacity of SMPs, facilitate the adoption and implementation of new professional standards, promote the value of SMPs in supporting the Small and Medium Enterprises (“SME”) and represent SMPs’ interests to regulators.

With these diversified experiences, Edward strives to provide the high standard and wide spectrum of services to his clients.