Requirement for Temasek and GIC to Observe Policy of Rotating Engagement Partners of Their External Auditors

2 Mr Leon Perera asked the Deputy Prime Minister and Minister for Finance whether Temasek and GIC observe a policy of rotating the engagement partners of their external auditors after a certain number of years.

Mr Heng Swee Keat: Temasek is an investment holding company and owns the assets it manages. It is audited by commercial auditors, and has in place a policy of rotating its audit engagement partners every five years. This is similar to the requirement imposed by SGX on listed companies to rotate the audit partner after five consecutive audits.

GIC manages the Government's assets. Hence, it is audited by the Auditor-General, who is appointed by the President and serves as an independent Organ of State under the Constitution to audit the entities managing public funds.