Singapore eDevelopment auditors’ cast doubt on group’s ability to continue as going concern

SINGAPORE (April 3): Singapore eDevelopment says its independent auditor, Ernst & Young LLP, has included an emphasis of matter in its report on the audit of the financial statements of the group for the FY16 ended Dec.

The auditors noted that the group incurred a loss of $7.1 million and negative operating cash flow of $24.8 million for the FY16 ended Dec and as at that date, the group has a net undiscounted financial liabilities of $34.9 million due within the next 12 months.

“These conditions indicate the existence of a material uncertainty that may cast significant doubt about the group’s ability to continue as a going concern,” says E&Y in its report.

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