Acra rejects BDO's application to resign as Mirach Energy auditor

Mirach Energy said its board is assessing the impact of the rejection and will discuss further with BDO and other professionals to seek an appropriate course of action.

According to a June 24 regulatory filing giving notice of BDO's resignation, the auditor stated that the reason for the resignation was due to a disagreement between Mirach Energy's management and BDO on the accounting treatment for key audit matters relating to an agricultural project of Mirach Energy's Malaysia subsidiary, RCL.

The key audit matters include RCL's revenue recognition; the recovery of related trade receivables arising from revenue recognised from RCL; as well as a going concern assessment after these two matters have been resolved. In the same June 24 filing, Mirach Energy and BDO both agreed that the latter would resign as auditors of the company and Mirach HP Management Pte Ltd. The announcement came after Mirach Energy's audit for fiscal 2019 was temporarily put on hold.BT is now on Telegram!

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