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Room for Improvement in the Quality of Financial Statements prepared by Singapore Listed Companies for Audits

The latest study commissioned by the Accounting and Corporate Regulatory Authority (ACRA) reveals that there is room for improvement in the quality of financial statements prepared by some Singapore-listed companies for audits.

Conducted by Associate Professor Themin Suwardy from Singapore Management University and Dr Lim Chu Yeong from the Nanyang Technological University, the study analysed the proposed audit adjustments made by auditors to the financial statements of 412 Singapore-listed companies from 2018 to 2020. In addition, the study surveyed close to 280 audit committee chairs and heads of finance of these companies to gather their views on the effectiveness of their companies’ finance functions. 

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