Internal audit's role to be under more scrutiny, enhanced

SINGAPORE'S Code of Corporate Governance, last revised in 2012, will soon be updated to reflect the rapidly changing business landscape.

A first glance at the proposed revised Code may suggest that the role of internal audit is diminished. To start, Principle 13 of the current Code on internal audit has disappeared, along with almost all its five guidelines, save one carried forward into the revised Code (as Provision 10.4).

However, a closer examination of the Corporate Governance Council's recommendations reveals that the very opposite is true.