SGX RegCo's second audit proposal: a second opinion is clearly warranted

THE Singapore Exchange Regulation (SGX RegCo) is seeking public feedback to enhance the current regulatory regime, with proposed measures that may include directing the appointment of a second auditor under exceptional circumstances. The second audit - akin to a re-audit - will review the overall financials of the company and provide a second opinion.

While SGX RegCo's objective for a second audit is to restore confidence in a company in a timely manner, the proposal warrants a thorough think-through.

Auditing is an art as well as a science.