Following our announcements on 18 April 2013 and 17 May 2013, the Board of Directors of Focus wishes to inform that the Special Audit conducted by Afrizan Tarmili Khairul Azhar (“AFTAAS”) has been completed. AFTAAS has been appointed by Focus to conduct an agreed upon procedures focusing on the financial affairs of its subsidiary, Focus Dynamics Drives Sdn Bhd (“FDD”) as proposed by Bursa Malaysia Berhad.
The Board of Directors of Focus has now received the special audit report from AFTAAS on 31 October 2013 and they wish to append below inter alia the findings highlighted by AFTAAS as follows :-
a) The business transactions under review referred in the special audit report were the business transactions occurred between August 2011 to May 2012. There were weaknesses in the Company’s internal control as no standard operating procedure established during the business transactions under review to govern the business operations. Therefore, despite the huge amount of transactions involved, there were neither Board approval nor agreement or contract executed as it was regarded as a normal business transaction.
Kindly refer to the attachment submitted herewith for the Executive Summary of the special audit report from AFTAAS.
There were no standard operating policies and procedures for the Group prior to those transactions. Subsequent to the aforesaid transactions, the Group has gradually established policies and procedures since March 2012 to strengthen the levels of internal control of the Group. The Audit Committee and the Board of Directors of Focus has on 31 October 2013 re-affirmed the following seven (7) policies and procedures duly established and implemented by the Group:
a) Credit Control policy;
b) Standard operating procedure - sales procedure;
c) Standard operating procedure - purchase for resale procedure;
d) Standard operating procedure - purchase requisition – office expenses procedure;
e) Standard operating procedure - payment procedure;
f) Standard operating procedure – capital expenditure procedure; and
g) Authority matrix for approval of payments/ purchases/ capital expenditure.
The Board of Directors of Focus has reviewed, deliberated and acknowledged the findings of the special audit report and they have also reviewed and revised the Company’s existing internal control, policies and procedures with the aims of strengthening the levels of control and enhancing the Board’s oversight of operations.
This announcement is dated 1 November 2013.
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