SGX Tightens Auditing of Listed Companies
Singapore Exchange (SGX) has raised the bar for auditing for listed companies on the stock exchange. The listed companies will have to appoint a local auditor approved by the Accounting and Corporate Regulatory Authority (ACRA) from February 2021.
The new rules on statutory audit will apply to all primary listed companies.
The changes will affect mainly the foreign firm who have their business assets elsewhere but listed in Singapore. The property valuation of companies is also being tightened. The valuer of Singapore properties must have 5 years of experience and a member of the Singapore Institute of Surveyors and Valuers (SISV).
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