Wed, Jan 13, 2021 - 5:50 AM Singapore DIGITALISATION and the Covid-19 pandemic added to the workload of audit committees (ACs) at Singapore-list
Wed, Jan 13, 2021 – 5:50 AM
DIGITALISATION and the Covid-19 pandemic added to the workload of audit committees (ACs) at Singapore-listed companies, according to a review released on Tuesday.
Companies’ liquidity and their ability to manage as a going concern were the top worries for ACs, alongside impairment of asset values and internal controls risks, the poll found.
Engagement with management, closer monitoring of internal controls and collaboration with auditors were cited as ways to manage the impact on ACs’ work, said the report from the Singapore Institute of Technology.
Some two-thirds of respondents said that workloads increased for the financial year, as firms faced higher risk exposure. For instance, movement and travel curbs limited internal auditors’ ability to do fieldwork, especially overseas, while directors could not visit offices abroad.
Meanwhile, some 48 per cent cited going concern and liquidity as their main worry during the pandemic – more than any other concerns – as the review found that “Covid-19 has also changed the focus of the…