The Accounting and Corporate Regulatory Authority (ACRA) of Singapore and the Institute of Singapore Chartered Accountant (ISCA) have collaborated to strengthen the quality of financial reporting by companies.
January 27, 2014 (Newswire) - According to Accountingservice.com.sg, a renowned accounting firm in Singapore, ACRA and ISCA have signed a Memorandum of Understanding (MOU) on 16 January 2014 with a vision to further enhance the quality of financial reporting review in Singapore Accounting. This new implementation likely to include more companies under closer scrutiny of ACRA.
This collaboration will surely add a new dimension to the Singapore accounting standards as the both authorities (ACRA and ISCA) are all set to merge their resources and share experience to increase the breadth and depth of the financial reporting surveillance.
"While we have a robust system in place to oversee the work of auditors, the duty to provide reliable financial reports lies ultimately with directors. This duty can be more meaningfully enforced if we combine efforts with Isca to pro-actively monitor a broader scope of financial statements, giving investors greater confidence in financial information received from companies," says Mr. Kenneth Yap, the Chief Executive of ACRA.
This new implementation is a part of ACRA's strategic plans to strengthen the quality of financial reporting in Singapore and it was initially announced at ACRA's Public Accountants conference in August 2013.
Sharing the thoughts on the partnership, Dr Ernest Kan, ISCA President said, "As the national accountancy body, ISCA is pleased to work with ACRA in enhancing Singapore's financial reporting eco-system and contribute towards the strengthening of Singapore's reputation as a reliable and trusted business and investment centre."
The MOU shall commence from the date of signing and shall apply to the review of Financial Statements with the financial year ended from 1 January 2013.
The tie-up of ACRA and ISCA through MOU will help the nation to retain its reputation of being a reliable and booming business hub. Accounting firms in Singapore are gearing up to welcome this new and improved change in Accounting Singapore.
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