Fair value measurements, internal control testing and revenue recognition are the biggest lapses.
Singapore's Accounting and Corporate Regulatory Authority (ACRA) has joined the International Forum of Independent Audit Regulators (IFIAR) in raising the alarm over recurring and high levels of deficiencies in key areas of public company audits.
In IFIAR’s third annual report of audit inspection findings, fair value measurements, internal control testing and revenue recognition were amongst the common and persistent deficiencies noted in vital aspects of public company audits.
Singapore, a founding member of IFIAR, was one of the 29 IFIAR members that contributed to IFIAR’s 2014 Inspection Findings Survey.
The type of findings observed in the global survey correspond with those observed in ACRA’s own audit inspections under the Practice Monitoring Programme (PMP).
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