SINGAPORE - Having a robust system of checks and balances to ensure that a company and its management are held accountable - even for start-ups and private firms - has come under the spotlight once more amid the turn of events at Singapore fashion start-up Zilingo.

Last week, its co-founder Ankiti Bose was fired as chief executive after allegations of financial irregularities surfaced. Although the company did not disclose details, the episode has led to some questions about governance issues at venture-backed firms.