Acra says it is inspecting KPMG's audit of Hyflux

Published Wed, Jun 3, 2020 · 09:02 AM

THE accounting watchdog is inspecting the audit work done by KPMG for Hyflux, as part of a larger probe into the water-treatment firm's compliance with accounting and auditing standards between 2011 and 2018.

KPMG was the auditor for Hyflux during that period.

A spokesperson for the Accounting and Corporate Regulatory Authority (Acra) told The Business Times on Wednesday: "Acra, under the Practice Monitoring Programme (PMP), inspects audits carried out by auditors registered with Acra to assess their compliance with Singapore Standards on Auditing. The inspection on the audit of Hyflux is carried out under the PMP and is currently on-going."

On Tuesday, Acra, together with the Commercial Affairs Department of the Singapore Police Force and the Monetary Authority of Singapore, said that Hyflux and its current and former directors are under investigation for suspected false and misleading statements and breaches of disclosure ru…