A Note on Our Vault Audit Reports

We want to be transparent with you about a recent issue affecting two of the audit reports published at silverbullion.com.sg/Report/TshVaultAudit.

The 31 December 2025 bullion audit report from Foo Kon Tan LLP was initially uploaded as a corrupted file. Although the document showed as a 900+ page report, the later pages were not viewable. This has since been corrected, and the complete (uncorrupted) report is now available.

Bureau Veritas Q1 2026 physical audit report: Bureau Veritas conducted the Q1 2026 physical vault audit on 13 April 2026. When the certificate was first published, it contained an error. We requested a correction from Bureau Veritas. During that correction process, an additional certificate reference was inadvertently generated and briefly issued as a standalone document, creating confusion about which certificate was valid. We escalated the matter to Bureau Veritas management.

Bureau Veritas has since issued a Formal Correction Notice, dated 15 June 2026 and available for download [here], which clarifies the sequence of events. We want to highlight the key points from that notice:

1. The issue was one of certificate document control and numbering, not a discrepancy in the inspection findings themselves. Three certificate references became associated with the same 13 April 2026 inspection assignment as a result of the correction process: the original certificate (SGMSG-25-00366), an intermediate certificate issued in error (SGMSG-25-00347), and the final corrected certificate (SGMSG-26-00347/Revised No.03).
2. Bureau Veritas confirms that all three certificate references relate to the same inspection assignment and are linked through the corresponding inspection records, job files, document history, and quality management records.
3. Certificate No. SGMSG-26-00347/Revised No.03 is the only valid certificate for this inspection and supersedes and replaces both earlier references in full.
4. Bureau Veritas has raised a formal complaint and root cause investigation through its i-Evaluate customer complaint management system, and has implemented a number of corrective measures, including enhanced document verification procedures prior to certificate issuance, mandatory secondary review and approval for all amended or revised certificates, strengthened revision control requirements, refresher training for relevant personnel, and supervisor or manager review of all future revised certificates prior to release.

We are publishing the Bureau Veritas Formal Correction Notice in full alongside the corrected certificate, in the interest of complete transparency. Physical audits exist to give our clients certainty about their holdings. When errors occur, whether on our side or a third party's, we will always identify them, correct them, and document the process publicly.