More News
FINANCIAL SERVICES, PROFESSIONAL SERVICES/LEGAL | Staff Reporter, Singapore
view(s)

ACRA, IFIAR raise the alarm over persistent audit lapses of listed firms

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).  

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.