A recent study conducted by SMU showed that a third of listed companies in Singapore do not have internal auditors. Citing the findings at the Securities Investors Association (Singapore) (SIAS) annual conference held on Thursday, SIAS President David Gerald urged all directors not to take up positions on boards that do not have an effective and independent internal audit function, as internal auditors, by virtue of their intimacy with their companies, will offer crucial support to directors as new regulations raise boards' responsibilities for risk management. Mr Gerald said that investors should also demand internal auditors as an independent watchdog on their investments.