The Protiviti-SAC COSO Academy was launched by global risk and business consultancy Protiviti and Singapore Accountancy Commission on 3 December 2014. Its mission is to offer company directors, senior management executives and practitioners in Singapore access to insights and tools to better understand how the COSO Frameworks can work for their organizations.
Established in April 2013 as a statutory body of the Singapore government, the Singapore Accountancy Commission collaborates with local and international communities in order to drive accountancy excellence in Singapore through talent development, professional qualification, research and thought leadership.
) is a global consulting firm that helps companies solve problems in finance, technology, operations, governance, risk and internal audit, and has served more than 40 percent of FORTUNE 1000® and FORTUNE Global 500® companies.
The COSO Academy is supported by The Committee of Sponsoring Organizations of the Treadway Commission (www.coso.org), which is jointly sponsored by the American Accounting Association (AAA), the American Institute of Certified Public Accountants (AICPA), Financial Executives International (FEI), the Institute of Management Accountants (IMA), and The Institute of Internal Auditors (IIA).
“I am very pleased to see SAC and Protiviti partner to bring COSO training to Singapore. Board members have ultimate responsibility for the governance of their respective organisations and play such an important role in the oversight of risk management and internal controls. The Protiviti-SAC COSO Academy will strengthen Singapore’s leading role in corporate governance.”
- Robert B. Hirth, Jr., Chairman of COSO
The Institute of Internal Auditors (IIA) Singapore joined Protiviti-SAC COSO Academy as a strategic partner on 26 February 2015. IIA Singapore is a professional organization dedicated to the advancement and development of the internal audit profession. Established in 1976, members of IIA Singapore belong to a global community of more than 180,000 professionals in over 190 countries who share a common vision to advance their professional growth in internal auditing and add value in their organizations. Its 2,300 members work in internal auditing, accounting, risk management, governance, compliance, internal control, information technology audit, education, and security.
Singapore Management University’s School of Accountancy joined COSO Academy as a strategic partner on 18 March 2015. 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. SMU education is known for its highly interactive, collaborative and project-based approach to learning, and for its technologically enabled pedagogy of seminar-style teaching in small class sizes. Home to around 8,800 undergraduate, postgraduate, executive and professional, full- and part-time students, SMU is comprised of 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. SMU offers a wide range of bachelors', masters' and PhD degree programmes in the disciplinary areas associated with the six schools, as well as in interdisciplinary combinations of these areas.
The Securities Investors Association (Singapore) or SIAS, a non-profit organization, is the largest organized investor lobby group in Asia, with almost 71,000 retail investors as members. It is run by a Management Committee comprising professionals who are volunteers. It actively promotes Investor Education, Corporate Governance and Transparency and is the watchdog for Investor rights in Singapore. To-date, SIAS has successfully organized over 700 investor education programmes ranging from basic investment seminars for novices to certificate courses for investment savvy investors. SIAS is "the voice" for minority shareholders and has already locked horns with corporations falling short of good Corporate Governance practices. However, its preferred approach to resolve investors’ right issues is to do so in the boardroom and not in the courtroom. Many SIAS members have sought protection also from errant traders. SIAS conducts dispute resolution sessions regularly to assist members to resolve issues.
The Singapore Institute of Directors (SID) is the national association of company directors. Formed in 1998, it promotes the professional development of directors and corporate leaders. Its membership comprises mainly directors and other professionals who work in the field of corporate governance. The SID has a comprehensive training curriculum that covers the spectrum of developmental needs of directors including thought leadership on corporate governance and directorship issues. It also provides its members with value-add services such as regular networking events and socials, a board appointment service, and a one-stop information service on governance related matters. For more information, please visit www.sid.org.sg
The COSO Frameworks
The latest edition of the Guidebook for Audit Committees in Singapore recommends the COSO Frameworks – Section 3 on Risk Management and Internal Controls:
- 3.3.36 - AC members should ensure that the company has considered and established an internal control framework (as part of the ERM framework).
- 3.3.37 - The COSO Internal Control Framework is a leading framework that ACs can consider.
The COSO Frameworks are the only internationally recognized frameworks which integrate internal control and risk management. The Enterprise Risk Management - Integrated Framework and the Internal Control - Integrated Framework incorporate the methodologies needed to ensure that controls and risk management processes are in place within organizations. While sufficiently robust to be applied separately, the two COSO Frameworks facilitate and support the governance process when implemented effectively and deliver the most structured and balanced approach to achieving business objectives and the protection of enterprise value. The COSO Frameworks are relevant for businesses of all sizes, including government agencies and charities, and are widely adopted by publicly traded companies in the United States, Japan and China.