Tue, Aug 14, 2018 – 5:50 AM
THE requirements for internal audit were previously fully embedded in the Singapore Code of Corporate Governance. Companies listed on the Singapore Exchange (SGX) could either comply or explain why they did not need an internal audit function. The recent 2018 revisions to the Code do not affect the importance and requirements for internal audit.
More significantly, the SGX Listing Rules have now been amended in tandem with the Code’s revisions to say that “an issuer must establish and maintain, on an ongoing basis, an effective internal audit function that is adequately resourced and independent of the activities it audits”.
There is no ambiguity over “must establish” – there must be an internal audit function in every listed company. What is needed is…
