SingPost should not have picked PwC as special auditor
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I REFER to the announcement by Singapore Post (SingPost) on Jan 19, providing an update on the special audit and corporate governance review.
While I have no reason to doubt the professionalism of PricewaterhouseCoopers (PwC) - the firm appointed to undertake the special audit - market perception is critical, given the circumstances that SingPost has found itself in.
PwC has been SingPost's external auditor since its listing. It also received fees for non-audit services amounting to 28 per cent of total fees in FY2015. Even though SingPost has said in its annual report that this is not substantial, it is not immaterial. The special audit will now add to the services provided by PwC.
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