SGX tightens rules on auditors, property valuers

Singapore Exchange Ltd. is tightening its regulation of auditors and property valuers who work with listed companies, in the wake of a series of accounting scandals in recent years.

All companies whose main listing is in Singapore will be required to appoint an auditor registered with the Accounting and Corporate Regulatory Authority for their financial year beginning on or after Jan 1, 2022, according to a statement from the exchange on Jan 12. That means audits of all primary-listed companies will fall under the Singapore regulatory body’s oversight.

The exchange said it could also ask listed firms to appoint a second auditor if it finds evidence of “pervasive” potential misstatements in their financial statements.