The auditor community has been urged to partner local banks by providing them with a credible and consistent set of financial accounts from small- and medium-sized enterprises (SMEs) as local banks are currently looking at SME-specific criteria and systems which they can use to administer loan applications to SMEs.
This partnership will in turn ensure the successful functioning of the loan-assessment systems, said Minister of State (Trade and Industry and National Development), Dr Vivian Balakrishnan.
Speaking at the Institute of Internal Auditors Conference, Dr Balakrishnan also pointed out that the internal auditing profession plays an important role in the successful formation of the venture capital (VC) industry in Singapore.
