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SingPost appoints Drew and Napier as joint special auditor
By PC Lee / theedgemarkets.com | February 5, 2016 : 11:24 PM MYT
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SINGAPORE (Feb 5): Singapore Post says it has appointed Drew & Napier LLC (D&N) to act as joint independent special auditor and to undertake the special audit jointly with PricewaterhouseCoopers LLP.
SingPost says the board made its decision to appoint D&N as joint independent special auditor after taking into consideration the concerns that had been expressed by some media commentators and shareholders, and feedback that the company has received from shareholders, the public and the Singapore Exchange.
SingPost says D&N’s scope of work and detailed terms of reference will be the same as the scope of work and terms of reference of PwC in respect of the special audit, and with the agreement of PwC and D&N, the report on the special audit will be issued jointly by PwC and D&N.
The partner leading the joint special audit exercise at D&N is Mr Hri Kumar SC.
As a result of D&N’s appointment which took place today, the joint special audit is expected to be completed in March 2016.
SingPost closed 2.6% higher at $1.38 on Friday.