The independent auditors of Tee International Limited (SGX: M1Z) has issued a disclaimer of opinion in relation to the group’s financial statements for financial year ended 31 May 2020.
A disclaimer of opinion is usually issued to financial statements when the auditors could not complete an examination of a company’s accounts, or the examination is not broad enough in scope to enable them to form an opinion and is usually the most serious type of audit opinion.
Foo Kon Tan LLP stated in their Independent Auditors’ Report dated 12 October 2020 that “because of the significance of the matters described in the Basis for Disclaimer of Opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.”
Unauthorised Remittances totalling $6.55 million were made in the previous Financial Year (FY2019). While these unauthorised remittances have been repaid to the group and