Regulatorâs Column: What SGX RegCo Expects Of Issuersâ Internal Audit Function Date 14/06/2021 COVID-19 has brought on unprecedented challenges and uncertainties for many listed issuers. Nevertheless, issuers should continue to maintain good governance practice and this must start at home, with the Internal Audit (“IA”) function. The Institute of Internal Auditors (“The IIA”) defines IA as “ an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes”. A strong IA function therefore serves as the compass to help companies stay on course even during these times.