Date: October 10, 2011
Singapore, October 10, 2011 – The Securities Investors Association Singapore (SIAS) has entered into a tripartite relationship with Institute of Internal Auditors Singapore (IIAS) and Singapore Management University (SMU), represented by its Sim Kee Boon Institute for Financial Economics (SKBI) to mark a three-year collaboration to establish the Internal Audit Excellence Award (IAEA), as part of SIAS Annual Investors’ Choice Awards.
The Memorandum Of Agreement (MOA) was signed by Mr David Gerald, President & CEO of SIAS, Mr. Loh Uantchern, President of IIAS and Professor Arnoud De Meyer, President of SMU.
Speaking at the MOA signing ceremony, Mr Gerald shared that from the investors’ perspective, the internal auditor will be their eyes and ears and provide the necessary comfort to investors by managing the risks of the business.
The selection methodology and criteria for the Award was formulated by IIAS, together with SKBI and SIAS. The Selection Committee will comprise of representatives from SIAS, SMU and IIAS.
SMU President Professor Arnoud De Meyer said, “SMU is pleased to embark on this tripartite collaboration with IIAS and SIAS for the launch of the Internal Audit Excellence Award and to contribute to the development of this initiative. Through the award, we hope to underscore the importance of sound corporate governance for public listed companies which will instill greater investor confidence. We also hope to see more companies embrace the essence of the four dimensions of effective internal audit articulated by the robust framework on which the Award is based. With the business environment becoming increasingly dynamic and complex, SMU will continue to work closely with IIAS and SIAS to explore new initiatives that encourage listed Singapore companies to learn from and adopt the best internal audit practices to further strengthen corporate governance.”
Mr Loh Uantchern added, “Internal auditors have always been in the background, helping organisations improve their risk management, control, and governance processes. But unending financial and regulatory turbulence has thrust internal auditors into the forefront to help organisations deal with massive uncertainty. The Award recognises the new demands on internal auditors, and those who have demonstrated value to their stakeholders.”
To show support, RSM Ethos Pte Ltd (RSME) has also stepped forward to sponsor the inaugural award so as to encourage internal audit functions to do even better and to raise the standards of corporate governance. Ms Tan Boon Yen, Senior Director of RSME, said, “An effective internal audit function is the key to enhancing the robustness of an organisation’s risk management, control, and governance processes especially in the current economic climate. RSME is proud to support the Award, which recognises exemplary achievements and standards set by the winners.”
Winners of the Award will be announced at the SIAS 12th Investors’ Choice Awards Ceremony on 27th October 2011. The Award will be presented by Professor Mervyn E. King, the international thought leader on corporate governance and the author of the renowned King Reports on Corporate Governance.
For more information, please visit
https://sias.org.sg/cgweek2018/Investorchoiceawardpage.php.
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About SIAS
SIAS is a non-profit organisation that is the largest organised investor lobby group in Asia. SIAS promotes investor education, corporate transparency, corporate governance and shareholder activism. SIAS also organises the Investors’ Choice Awards, which is an event at which awards are presented to deserving listed companies in Singapore annually.
About IIAS
The Institute of Internal Auditors, Singapore (IIAS) is a professional organisation dedicated to the advancement and development of the internal audit profession in Singapore. Established in 1976, IIAS has about 2000 members. IIAS is part of the global IIA organisation, which has over 170,000 members worldwide
About Singapore Management University
A premier university in Asia, the Singapore Management University (SMU) is internationally recognised for its world class research and distinguished teaching. Established in 2000, SMU’s mission is to generate leading edge research with global impact and produce broad-based, creative and entrepreneurial leaders for the knowledge-based economy. It is known to be a pioneer for its interactive and technologically-enabled pedagogy of seminar-style teaching in small class sizes which remains its unique hallmark. Home to 7,000 students, SMU comprises six schools: School of Accountancy, Lee Kong Chian School of Business, School of Economics, School of Information Systems, School of Law and School of Social Sciences, offering a wide range of bachelor’s, master’s and PhD degree programmes in business and other disciplines. With an emphasis on generating rigorous, high impact cross-disciplinary research that addresses Asian issues of global relevance, SMU faculty collaborates with leading foreign researchers as well as partners in the business community and public sector through its research institutes and centres.
Through executive education, the University provides public and customised training for working professionals in meeting the needs of the economy. Close relationships with leading universities, including The Wharton School, Carnegie Mellon, the University of Pennsylvania and the University of Chicago’s Booth School of Business, allow SMU to draw on their academic and research strengths in various collaborations. The SMU city campus is a state-of-the art facility located in the heart of downtown Singapore, fostering strategic linkages with the business and wider community. www.smu.edu.sg
About SMU SKBI
The Sim Kee Boon Institute for Financial Economics at SMU promotes the study of Financial Economics and Financial Econometrics in areas of strategic relevance to Singapore’s economy and the economies of the region. A significant addition to Singapore’s efforts to be a financial hub in Asia, SKBI is a leading institute for academic research with strong industry application and practical dimension in the area of Financial Economics.
The Institute has four major research centres for quantitative financial analysis and offers training programmes for professionals in the financial industry. Its work is conducted in close collaboration with leading scholars in financial economics and financial econometrics from around the world as well as leading international organisations and experts from industry. www.smu.edu.sg/institutes/skbife
About RSM Ethos
RSM Ethos Pte Ltd (RSME) is the result of the merger between the risk management division of the Chio Lim Stone Forest Group and Ethos Advisory Pte Ltd. The combined expertise of 35 professionals catapults RSME to be ranked among the top Governance, Risk and Consulting (GRC) firms in Singapore. Anchored by a management team of 10 with direct experience averaging 20 years, the firm is well-poised to be the premier Governance, Risk and Consulting firm in the region.
MEDIA CONTACTS:
For SIAS
Ms Pauline Soh, Senior Marketing Manager
Tel: (65) 6227 2683
Email: pauline@sias.org.sg
For IIAS
Ms Deon Chan, Technical Director
Ms Lena Kuok, Secretariat
Tel: (65) 6324 9029
Email: secretariat@iia.org.sg
For SMU
Mr Tan Sook, Assistant Director, Corporate Communications
Tel: (65) 6828 0451
Email: sooktan@smu.edu.sg
