SERVICES

Introduction to Our Services

Virtus Assure’s unique strengths and extensive experience will benefit your Company wherever it operates around the globe. You’ll find that your corporate success is not just our business – it’s our commitment to your business.

Virtus Assure works closely with boards and management of exchange listed companies to help them assess and to report on their internal control, risk management and corporate governance processes. Our professionals adopt international internal auditing standards, recognized risk models and global corporate practices. This allows our clients to receive the maximum benefits from the knowledge and practices that have been widely used across the world.

Virtus Assure has been engaged by clients across many industries, from manufacturing, financial, services, to transportation and more – by providing the following services:

Internal Audit

Internal Audit Flow Chart

Listed companies can either outsource or co-source their internal audit activities to Virtus Assure. The internal audit strategy begins by understanding your business model and goals. Enterprise risks in business units and activities that impact business revenue, profit, cash and returns are assessed. The adequacy and effectiveness of systems of internal controls to mitigate the enterprise risk are evaluated.

Our approach is in accordance with the recommended International Standards for the Professional Practices of Internal Auditing, established by The Institute of Internal Auditors, Inc. Using this approach, we assure that your systems of internal controls are evaluated to meet your business goals and corporate governance requirements. Virtus Assure can help you to get started by adding excellence and value easily to your stakeholders, and lending creditability and compliance with regulations and assurance to your board and audit committee.

For companies with an internal audit function, we can provide co-sourcing for special assignments and provide in-house training.

Enterprise Risk Management

Enterprise Risk Management Approach

Virtus Assure can help you take control of your business risks by designing a proper Enterprise Risk Management framework in accordance to the Committee Of Sponsoring Organisations (COSO) or other international recognized frameworks. With Virtus Assure extensive experience and expertise, we can help you develop your corporate risk policy, risk tolerance, risk committee and function, and evaluate your corporate risk profiles and risk culture. Even if your organization has adopted an ERM framework, we can provide assurances, working with your internal auditors as needed, and your management and directors on the effectiveness of your risk management processes.

Corporate Governance Advisory Services

The revised Singapore Code of Corporate Governance (2018), effective for Annual Reports covering financial years from 1 January 2019, requires listed companies to comply with its guidelines or explain deviations. The 2018 Code focuses on key areas such as board matters, including diversity and independent leadership, remuneration transparency, accountability through enhanced disclosure of environmental, social, and governance (ESG) factors, and stronger internal controls. It also promotes proactive shareholder engagement and institutional investor stewardship. We assist listed companies in reviewing their compliance with the Code, ensuring proper disclosure in their annual reports, and advising on practices to enhance corporate governance and long-term sustainability.

Sustainability Reporting and Internal Review

View our “Sustainability Reporting Presentation”.

Large businesses as well as SMEs today can no longer look at profits only. Consumers are increasingly well informed and there is a growing demand from consumers, governments, and the general public for greener, learner and more ethical products and services. As such, business can no longer afford to treat sustainability as an add-on. It is now an essential part of business planning for sustainable growth as well as risk mitigation.

Since 2022, the Singapore Exchange (SGX) mandates that listed companies should provide climate-related disclosures, consistent with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. Companies are required to identify and manage climate-related risks, detailing governance structures, strategies, and mitigation actions. It emphasizes transparent reporting on how climate risks impact business operations and financial performance. This ensures stakeholders have a clear understanding of how companies are addressing climate change and integrating it into their strategic planning.

In July 2023, ACRA and SGX issued a public consultation on the recommendations of the Sustainability Reporting Advisory Committee (SRAC) to advance climate reporting in Singapore for both Listed Issuers and non-listed Singapore companies. The public consultation concluded in September 2023 and the timeline are detailed in following table:

Timeline for requirements	Listed Issuers	Large Non-Listed Cos
ISSB-aligned CRD, including Scope 1 and 2 GHG emissions	FY2025	FY2027
Scope 3 GHG emissions	FY2026	No earlier than FY2029
External limited assurance on Scope 1 and 2 GHG emissions	FY2027	FY2029

Virtus Assure collaborate with our strategic partner to provide comprehensive in-depth knowledge and experience on how to develop a coherent sustainability reporting strategy, assist in process improvement and change management, and develop sustainability reports for companies. We work within globally recognized standards, including the Global Reporting Initiative (GRI) Standards, the International Finance Corporation (IFC) Sustainability Framework, the World Business Council for Sustainable Development (WBCSD), and the Task Force on Climate-related Financial Disclosures (TCFD). These standards provide frameworks for reporting on environmental, social, and governance (ESG) aspects, helping companies present a holistic view of their sustainability efforts.

In addition, SGX rules have expanded to require an internal review of the sustainability reporting process since 2022. Issuers must have controls and processes that would guide the end- to-end ESG information flow and ensure the quality of data produced and reported. Virtus Assure provide internal review services that add value in terms of identifying and establishing a functional ESG control environment. The internal review serves as a safeguard to provide an independent and objective view of the robustness of internal controls on ESG information disclosed by the Issuer. This provides assurances on the integrity of ESG data disclosed are aligned with the internationally accepted frameworks.

Moreover, we offer comprehensive services for Scope 3 emissions reporting and internal review. We have the expertise to help companies manage and disclose Scope 3 emissions, further enhancing your sustainability strategies.

Please take a few minutes to view our Sustainability Reporting Presentation.
See our FAQs in our “Dialogue on Sustainability Reporting” section. For additional information, refer to these updated resources:

GRI Standards – The most widely used global standards for sustainability reporting, helping companies disclose their economic, environmental, and social impacts.
UN Sustainable Development Goals (SDGs) – A global agenda adopted by the United Nations in 2015, focusing on peace, prosperity, and protecting the planet.
Singapore Green Plan 2030 – A national agenda charting Singapore’s path towards a green and sustainable future, updated from the Sustainable Singapore Blueprint.

Our internal review shall be conducted in accordance with the International Standards for the Professional Practice of Internal Auditing issued by The Institute of Internal Auditors.

For more information on our services, please contact us at:

Phone: +65 6332 4649

Email: services@virtusassure.com

Whistleblowing Services

The Singapore Code of Corporate Governance requires listed company to provide an arrangement for staff to raise concerns about possible improprieties in matters of financial reporting or other matters. Virtus Assure will help your company meet the requirements of the Code in establishing an arrangement whereby staff can raise concerns in confidence. The implementation of such arrangement will improve corporate accountability and reduce improper activities.

With our expertise and experience as an independent third party, Virtus Assure can act as your outsourced feedback channel to mitigate your costs of setting up and maintaining such an arrangement. Your Audit Committee and Management’s time and effort are avoided from every trivial complaint or allegation, and our unique web based whistleblowing reporting option is available.

Information Technology and Cyber Security

Athena Dynamics Cyber Security Risks

Organisations are dependent on information technology for their daily operations and leveraging information technology as part of their business strategies. Organisations rely on the security, integrity and availability of their mission critical systems and information to provide customer services and for making management decision. Virtus Assure provides advisory services to review your IT policy, physical and logical security, users’ administration, systems development and back-up procedures.

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Control Self-Assessment

Control Self Assessment Survey Elements

The recent changes in SGX Listing Rules 719(1) and 1207(10) require an opinion from the Board, with consent of the Audit Committee, to give an opinion on the adequacy and effectiveness of the system of internal controls. Virtus Assure has successfully carried out the necessary Control Self-Assessment (CSA) exercise for leading companies listed on the SGX. We use a structured framework to review if key internal controls are in place and are still relevant, adequate and effective. Our expertise and experience in this CSA exercise will ensure that the respective company’s internal controls are able to address the financial, operational and compliance risks. This will also allow the Board and the Audit Committee to be in a better position to form an opinion about the adequacy and effectiveness of the system of internal controls.