Auditor flags lapses over Pacific Star's sale of 17 units at Puteri Cove Residences

Singapore

INTERNAL auditor RSM Risk Advisory has conducted an independent review of Pacific Star's internal controls after revenue for the sale of 17 property units was included in the second- and third-quarter financial statements despite risks of non-fulfilment by buyers.

The units are part of Puteri Cove Residences (PCR), a Malaysian property development by the company's wholly-owned indirect subsidiary, Pearl Discovery Development Sdn Bhd.