SingPost quenches investors’ concerns as it designates Drew & Napier as joint special auditor

D&N will work with PwC with the special audit.

Seeking to pacify jittery investors worrying about the integrity of the audit, Singapore Post has appointed Drew & Napier to act as joint independent special auditor along with PricewaterhouseCoopers (PwC).

According to a press release by SingPost, the decision was made after concerns had been expressed by media commentators and shareholders alike, especially that of the Securities Investors Association of Singapore.

“The Board notes the press statement issued by the Securities Investors Association (Singapore) (“SIAS”) on 4 February 2016, which states, inter alia, that “SIAS calls on all parties concerned to allow PwC to conduct the special audit, knowing that PwC will maintain its independence in strict compliance with the ACRA Code,” the press release said.

Meanwhile, SingPost adds that while it remains firm in its belief that PwC is able to act as independent auditor to the company, it has also expressed the necessity to address the concerns of the market.

“The Board acknowledges that, notwithstanding the press statement from SIAS and the Board’s own clarity that there is no issue with PwC’s independence, some in the market have nevertheless continued to be concerned over PwC’s perceived lack of independence. The Board has thus decided to appoint D&N as joint Special Auditor to provide additional assurance to shareholders and investors in respect of the Special Audit,” SingPost said.