SINGAPORE: Singapore Exchange's regulatory unit will improve requirements on auditors and valuers in their dealings with listed companies, and standards on valuation reports, such as introducing a regulatory regime for conduct of auditors.
The main changes to the listing rules are: Regulatory regime for conduct of auditors, circumstances to direct appointment of an additional auditor, qualifications of property valuers, and standards for property valuation reporting.All primary-listed issuers must now appoint an auditor registered with the Accounting and Corporate Regulatory Authority to conduct their statutory audits, said SGX in a press release.
SGX RegCo currently may exercise administrative powers to require issuers to appoint independent professionals as well as special auditors for specified purposes. Under the enhanced rules, SGX RegCo’s administrative powers will be expanded to include requiring the appointment of a second auditor. The valuer of Singapore properties must be a member of the Singapore Institute of Surveyors and Valuers while the valuer of overseas properties must be a member of, or authorised by, a relevant professional body or authority.