Finance
Singapore Urged to Raise Audit Standards to Avoid ‘Failures’
- Menon says regulator is working to enhance ESG elements
- More incentives, jobs are being created for certification
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Singapore needs to raise its auditing and accounting standards to help boost the nation’s ESG credibility following a series of corporate scandals, according to the country’s top central banker.
“There have been several failures that are due to lapses in accounting, auditing, and some fraudulent activities are not as easily detected,” said Ravi Menon, head of the Monetary Authority of Singapore and the country’s financial regulator. “It is an area that needs to be addressed.”