KPMG also addressed uncertainties in providing an audit opinion on the cord-blood bank’s refunds and claims.
SINGAPORE - Cordlife’s independent auditor KPMG will not be seeking reappointment after flagging discrepancies between the group’s unaudited and audited accounts for financial year 2023, and also issuing a disclaimer of opinion on the financial statements for the same year.
These areas included the company’s compliance with laws and regulations, given Cordlife’s ongoing investigations by the Ministry of Health and the Commercial Affairs Department . KPMG further highlighted that “there are no alternative audit procedures that can be performed” in applying the going concern basis of preparation for Cordlife’s financial statements.
As at end-June 2023, total revenue of Cordlife’s business operations in the Republic represented 45 per cent of the group’s financial year 2023 results, while total assets of the Singapore business comprised 51 per cent. The company separately on April 25 also flagged material differences between its audited, and unaudited condensed interim, financial statements for financial year 2023.
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