Are MNCs in Singapore auditing their global offices?

Only a quarter feel confident that their overseas units are legally compliant.

Multinational companies in Singapore are struggling to stay on top of their international-based entities, with only a quarter feeling confident that they are fully compliant with local laws and regulations across all their global units, according to a report by business administration services firm TMF Group.

The report revealed that only 16% of companies have run an annual evaluation on their global entities to check if they are all adding value and operationally efficient.

Moreover, 12% have never actually undertaken a single audit of their international entities.

Of the 251 Singaporean companies polled, 30% have more than 20 legal entities across different countries and jurisdictions, whilst only 6% have more than 100.