SIECO says external auditor expressed opinion on 2020 financials

Saudi Industrial Export Co. (SIECO) said the core requirements of the reservations of the external auditor were finalized in its annual report for 2020, according to a bourse filing.

The external auditor expressed their opinion on the 2020 financial statements.

The auditor said that the reissued consolidated financial statements of SIECO and its subsidiary, as well as the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for 2020 were reviewed.

Except for the potential effects of the matters described in the "Basis of preservative Opinion" of the audit report, the consolidated financial statements fairly present, in all essential respects, the group's consolidated financial position as of Dec. 31, 2020, its consolidated financial performance and consolidated cash flows.

On May 3, 2021, the company said that the external auditor refrained from expressing an opinion on the annual financial results for 2020, Argaam reported.

Following that, the audit committee had difficulty in wrapping up the notes of the external auditor and monitoring administrative and financial violations of the previous executive management.