Noble Group

[Shiyi]

Singapore wraps up Noble probe with $12.6 million civil penalty
https://www.theedgesingapore.com/news/co...il-penalty

Unlike Hyflux or Eagle Hospitality, no directors nor senior management of Noble Group was under arrest. And none of them was fined for manipulating account books. A few of them in fact left the company with tens of millions of dollars in the compensation package.

Noble accounts should have been audited and signed off. So, E&Y auditors should be accountable as they allowed the inflated revenue/earnings from 2012 to 2016.

"Based on the investigations, Noble had applied an incorrect accounting treatment to these marketing agreements by classifying them as financial instruments instead of service contracts, and by recognising future fees from these agreements before rendering the services.


As a result, this inflated the reported earnings and net assets of both Noble and NRI, the subsidiary."

Ever heard of "garbage in, garbage out“ when it comes to auditing?