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Adopt a framework approach to ensure auditor independence

Using a set of fundamental principles as a compass, auditors can meet an infinite number of circumstances. A rules-based approach would be unwieldy.

Singapore's Code of Corporate Governance also favours guidance centred on a framework of principles rather than a detailed set of rules that can be complied with to the letter but circumvented in substance.

RECENT corporate controversies at Midas and Vard have once again put the role of independent directors in the spotlight. This is unsurprising, considering that a critical element to the efficient and effective operation of capital markets is the quality of the audit, and auditor independence is...

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