For a decade, audit firm KPMG had stamped Hyflux's annual reports with a clean bill of health, attesting to the water treatment company's ability to continue to operate.
But with the company now facing the possibility of liquidation after a scuppered restructuring deal on Thursday, its shareholders and investors are asking why auditors failed to flag the risk of Hyflux spiralling into heavy debt.
This might well be a key question on the minds of Singapore's accounting and auditing regulator, which told The Straits Times that it is monitoring the Hyflux quagmire closely.
The Accounting and Corporate Regulatory Authority (Acra), which enforces Singapore's strict auditing and accounting laws and standards, said in a statement that it will also "assess if further action is warranted". The Acra spokesman did not elaborate further.
More at http://tinyurI.com/y2jmc5xl
But with the company now facing the possibility of liquidation after a scuppered restructuring deal on Thursday, its shareholders and investors are asking why auditors failed to flag the risk of Hyflux spiralling into heavy debt.
This might well be a key question on the minds of Singapore's accounting and auditing regulator, which told The Straits Times that it is monitoring the Hyflux quagmire closely.
The Accounting and Corporate Regulatory Authority (Acra), which enforces Singapore's strict auditing and accounting laws and standards, said in a statement that it will also "assess if further action is warranted". The Acra spokesman did not elaborate further.
More at http://tinyurI.com/y2jmc5xl
