News
Jessica Fino 30 Nov 2018 09:56am

EY's audit of Noble Group under scrutiny

The Singapore arm of EY has been asked to provide documents in relation to its audit work at Noble Group’s subsidiary, which is currently under investigation over suspicion of false and misleading statements

The Singapore Police Force’s Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS) said on Wednesday they have requested that the firm produce documents in relation to the audit of Noble Resources International (NRI), part of the wider Noble commodity trading business.

The Accounting and Corporate Regulatory Authority has also sent a notification letter to EY informing it has started an inspection on the work performed by the firm for the audits of NRI for the years between 2012 and 2016.

An EY spokesperson said, “We are aware of the announcement by the authorities and we will cooperate fully with their enquiries.”

Noble posted a loss of $5bn (£3.9bn) last year after writing down the value of some of its long-term contracts.

Earlier this month, authorities launched an “unprecedented” investigation into “false and misleading” statements and “potential non-compliance with accounting standards” at Noble.

The company is currently going through a debt restructuring process. It said this week it has extended a deadline for this restructuring by two weeks to 11 December amid the investigation by the Singapore authorities.

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