Channel NewsAsia

Important for firms going overseas to understand markets

With more small and medium enterprises (SMEs) looking to go global, experts said it is important to understand the culture and practices of the markets they are venturing into.

SINGAPORE: With more small and medium enterprises (SMEs) looking to go global, experts said it is important to understand the culture and practices of the markets they are venturing into.

James Loh, vice president of Institute of Internal Auditors Singapore, said: "Some countries are more challenging than others… there are many different practices and very different cultures that SMEs should be aware of when expanding overseas.

“It is much about the culture and the practices overseas that people need to be cognizant of and ultimately responsible for."

Mr Loh was speaking at a seminar on Thursday, organised by the Association of Chartered Certified Accountants (ACCA) and the Institute of Internal Auditors Singapore (IIA).

It was attended by more than 80 senior business and financial professionals.

Panellists stressed that fraud and corruption are growing threats and that it is essential for businesses to put internal controls in place to counter such activities. 

Tweet Photos, Videos and Update on this Story to  #cna