10 February 2017
Company’s Statement related to PCAOB inspection of EY-Indonesia and certain of its and its affiliate’s partners
On February 9, 2017, the U.S. Public Company Accounting Oversight Board (“PCAOB”) released an order instituting disciplinary proceedings, making findings and imposing sanctions (PCAOB Release No 105-2017-002, hereafter the “Release”) in connection with a PCAOB inspection of KAP Purwanto, Sungkoro & Surja (“EY-Indonesia”) and certain of its and its affiliate’s partners (together with EY-Indonesia, the “Respondents”).
The Release addresses certain conduct by the Respondents in connection with the PCAOB’s 2012 inspection of EY-Indonesia’s audit report on our financial statements and internal controls over financial reporting for the year ending December 31, 2011 (hereafter, the “2011 Financial Statements”).
During the year ended December 31, 2012, we reevaluated the relevant accounting policies and as a result, and as provided in our 2012 and 2013 filing with the US Securities and Exchange Commission (the “SEC”) on Form 20-F, our 2011 Financial Statements have been restated. Further, our management had also reevaluated and improved the relevant internal controls over financial reporting.
As a matter of best practice, we regularly review our accounting policies and internal controls to ensure compliance with revailing standards.