Singapore: MAS removes requirement for mandatory audit rotation of local banks

Last month the Monetary Authority of Singapore announced, in response to an earlier consultation, that it would be removing the requirement for the mandatory rotation of firms auditing local banks: see here (pdf). In reaching this decision, MAS cites the "regulatory developments since 2008 that have introduced additional safeguards to enhance the quality and independence of external audit, the primary responsibility of audit committees in ensuring the independence, objectivity and quality of external audit, and the potential risk of audit gaps arising from frequent change of auditors".