An open response to SGX's open consultation
Proposals for auditors could be catalyst for reform; standards for valuers shouldn't be used as shield against valid criticism or questions
THIS week, I plan to submit a response to the Singapore Exchange Regulation's consultation paper on its proposed enhancements to the regulatory regime for property valuation and auditors.
My purpose in doing so is to add the perspective of a small-time investor to the consultation process. And, by outlining my thoughts in this column beforehand, I am hoping to elicit helpful comments and suggestions from readers as well as inspire others to respond to the consultation.
The segment of the Jan16 consultation paper that has generated the most interest relates to its proposals for auditors engaged by listed companies. In particular, SGX RegCo wants to be able to require listed companies to appoint an additional auditor under certain circumstances to provide a second independent opinion on their financial statements.
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