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 (2012) came into effect in May 2012. Listed companies are required to comply with the guidelines of the Code or if they are unable to comply, to explain any deviation from the Code. Guidelines of the Code include board matters, remuneration matters, accountability and audit, and shareholder rights and responsibilities. We assist listed companies to review their compliance with the Code and the disclosure of these matters in their annual reports. In addition, we provide advisory services to listed companies on how to work towards the compliance of the entire Code to enhance their corporate governance practices.

Sustainability Reporting

View our “Sustainability Reporting Presentation”.

Large businesses 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.

Virtus Assure has 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 public viewers. We have experience in GRI framework, IFC sustainability framework, and the World Business Council in Sustainable Development. (WBCSD)

Our aim is to help companies implement the “triple P” bottom line concept – people, planet, and profits. To shape an organization that cares for its employees and society, and minimizes its environmental impact, while planning for sustainable profits and growth.

Please take a few minutes to view our Sustainability Reporting Presentation.
See our FAQs in our “Dialogue on Sustainability Reporting” section.

For additional information, please refer to the following links:

1) GRI Standards – The most commonly used global standards for sustainability reporting, which helps companies to address the economic, environmental and social impacts of its day-to-day activities.

2) UN Sustainable Development Goals – Development goals adopted by the United Nation in 2015 to create a better and more sustainable environment for all people to enjoy peace and prosperity.

3) Sustainable Singapore Blueprint – National strategies and plans to develop a green environment and sustainable future in Singapore.

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.