SingPost should not have picked PwC as special auditor
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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Columns
‘Competition for talent’ a poor excuse to keep key executives’ pay under wraps
OCBC should put its properties into a Reit and distribute the trust’s units to shareholders
Why a stronger US dollar is dangerous
An overstimulated US economy is asking for trouble
Too many property agents? Cap commissions on home sales
Time to study broadening of private market access