Case Study: PwC UK auditor spent only 2 hours on BHS Audit
In an email seen by Sky News, Kevin Ellis, chairman of PwC UK, reportedly blasted partner Steve Denison over his audit work for BHS, which last week led to a six-figure fine and 15-year ban for Denison and a record £10m fine for the Big Four firm (reduced to £6.5m). In the email circulated to…
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Wan Wei Han
Independent directors to face 9-year limit – SGX
SINGAPORE-LISTED companies will have to justify the independence of long-serving independent directors – if suggested rule changes put forth by the Corporate Governance Council on Tuesday go into force within the second half of this year. To encourage firms to refresh and introduce more diversity into their boardrooms, the Council is proposing to enforce a…
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Wan Wei Han
Singapore health system hit by ‘serious breach of data’
A total of 1.5 million SingHealth patients’ non-medical personal data were stolen, while 160,000 of those had their dispensed medicines’ records taken too, according to MCI and MOH. This latest incident draws similarity to the NHS hacking incident which occurred in the UK in 2017, during the WannaCry incident. SINGAPORE: The “most serious breach of…
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Wan Wei Han
Foreland Fabrictech Holdings warns of loss of control
In the latest example of corporate mismanagement and corporate governance, FORELAND Fabrictech Holdings may have lost control over its wholly owned subsidiary, Fulian Knitting Co, in China, it warned on Wednesday (Originally Reported May 9 2018). The saga originally began with a customer claim that was originally filed in 2013 by a customer of Fulian…
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Wan Wei Han
Asia Economic Outlook: July 2018
As we moved into the third quarter of 2018 there is cheer in most countries’ GDP -many recording constant GDP and growth. China the 2nd largest economy in the world and the big brother of Asia recorded a 6.9% growth in 2017. The GDP translated to almost US$13trillion and is forecasted to grow to US$13.3…
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