Singapore to tighten audit, valuation rules

Singapore

AUDITORS are to come under greater scrutiny in one of the biggest overhauls of accountancy oversight in Singapore, which could see the Singapore Exchange Regulation (SGX RegCo) ordering second audit on listed companies with clean audits if something does not smell right.

"SGX will be proposing a new power to require the appointment of a second auditor, on top of the existing statutory auditor, but only in exceptional circumstances," SGX RegCo's CEO Tan Boon Gin said in a media briefing.