Auditors see new challenges in ESG requirements, greater investor expectations

AUDIT roles are evolving as new requirements emerge for environment, social and governance (ESG) factors, said auditors polled by The Business Times. They are also expecting their duties to get more demanding as the investing public seeks greater accountability and transparency.

Choo Eng Beng, assurance leader at PricewaterhouseCoopers (PwC) Singapore, said business models today are changing in response to issues such as technology and climate change. In addition, factors such as demographic pressures and declining confidence mean auditors have to grapple with a "multitude of challenges and increasing complexity".

"The role of the auditor is evolving beyond financial matters to include areas such as digital trust and ESG as we continue to help businesses build trust with their stakeholders," said Mr Choo.