All primary listed firms on the Singapore Exchange will have to appoint a local auditor approved by the ACRA, under new rules for listed firms. The changes will take effect from 12 February.
Singapore audit reform stresses need for UK action, IIA warns
Recent changes to rules surrounding audit in Singapore have highlighted why action on audit reform in the UK is crucial, the CEO of the Chartered Institute of Internal Auditors has warned.
CEO John Wood said reform of the UK’s audit sector was necessary to protect the UK’s leading reputation in corporate governance.
The Singapore stock exchange has tightened its requirements for listed company auditors in the wake of a series of accounting scandals.
Singapore’s regulatory unit said all primary-listed issuers must appoint an auditor registered with Singapore’s Accounting and Corporate Regulatory Authority to conduct their statutory audits.
By Reuters Staff
1 Min Read
SINGAPORE, Jan 12 (Reuters) - Singapore Exchange’s regulatory unit will improve requirements on auditors and valuers in their dealings with listed companies, and standards on valuation reports, such as introducing a regulatory regime for conduct of auditors.
In a statement released on Tuesday, Singapore Exchange Regulation (SGX RegCo) CEO Tan Boon Gin said the latest rule changes enhance the standards required of auditors and property valuers in their dealings with listed companies.
The moves follow market criticism faced by SGX RegCo, the city-state’s frontline capital markets regulator, over its handling of accounting irregularities at some listed firms. (Reporting by Anshuman Daga; Editing by Himani Sarkar)
<p><span>Singapore Exchange Regulation (SGX RegCo) will enhance requirements on auditors and valuers in their dealings with listed companies, and standards governing valuation reports. </span></p>