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Auditors body queries internal auditors’ competency

Auditors body queries internal auditors’ competency

by Rick Turoczy on December 6, 2004

The internal audit function is one of the cornerstones of good corporate governance. In the wake of recent corporate mis-reportings, there have been calls to tighten the rules governing internal auditors.

The IIAS says it favours the tightening of rules and it hopes to see some legislation along the lines of the Sarbanes Oxley Act in the US incorporated here. But the biggest gap right now is the absence of rules to ensure that only adequately trained and qualified people work as internal auditors.

Lilian Tay, president of the Institute of Internal Auditors Singapore, said: “Right now in Singapore there is no legislation for internal auditors. There is no qualification standards for internal auditors. As it stands now, anybody can be an internal auditor. They are not governed by legislation or any qualifications, unlike the CPA for example.”

And the same for goes for independent directors.

Lilian Tay said: “The way that Singapore companies are placing directors may not necessarily provide for that competency. Again, there is no qualification criteria for independent directors. And there’s no need for independent directors to be associated with, for example, the Institute of Internal Auditors body.”

Auditors body queries internal auditors’ competency

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