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Singapore exchange to require listed companies to appoint local auditors

Singapore's stock exchange wants listed companies to appoint locally registered auditors, one of a number of proposals the exchange is considering to raise accounting oversight.

Singapore Exchange Ltd.'s regulatory arm is consulting the market on proposals to strengthen the oversight of audits. Requiring all listed companies to appoint a Singapore-registered auditor would increase the accountability of auditors, said Tan Boon Gin, CEO of SGX RegCo.

In exceptional circumstances, SGX RegCo may also appoint an additional auditor to provide a second independent opinion on the issuer's financial statements.

SGX RegCo also proposes that property valuers must have at least five years' experience in valuations and must be a member of the Singapore Institute of Surveyors and Valuers or a similar professional body. Issuers and listing applicants must also comply with the SISV standards for valuation of properties in Singapore.

SGX will accept feedback on its proposals until Feb. 14.