SINGAPORE (Jan 17): The Singapore Exchange Regulation (SGX RegCo) is seeking market feedback on several proposals to strengthen the oversight of audits of locally listed companies.

For one, all companies – including those that are foreign-based – must appoint an auditor registered with the Accounting and Corporate Regulatory Authority (ACRA). This proposal aims to overcome problems resulting from jurisdictional barriers as foreign auditors are not subject to ACRA’s supervisory oversight. Auditors registered with ACRA enables SGX RegCo to deal with audit irregularities in a timely and effective manner.

However, foreign-based firms planning to appoint a non ACRA registered auditor can do so but SGX RegCo will only allow this on a “case-by-case basis”. These companies are also expected to appoint an auditor registered with ACRA to act as the joint auditor.

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