More local companies not getting clean audit opinions: Acra

SINGAPORE - There is room for improvement in the quality of financial statements issued by Singapore companies, the Accounting and Corporate Regulatory Authority noted on Tuesday .

A lack of deep knowledge and due care by preparers and directors were root causes behind material non-compliances with accounting standards, Acra said. Acra analysed the 2016 financial statements filed by 584 listed companies and found that 94 per cent or 549 firms received clean audit opinions. Most were related to the impairment of assets, going concern assumptions and limitations imposed on the scope of audits.

Acra found that the non-compliances were due to a"lack of deep knowledge among the finance teams, chief financial officers and audit committees," which led to an incorrect application of accounting standards.

Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen

Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.

Poor disclosure not only hurts shareholders, but can cost companies tooWHEN AGV Group disclosed in a regulatory filing on July 1 that it had been asked to provide assistance for an investigation into an offence and that a director had given a police statement, the Catalist-listed hot-dip galvanising services provider did not identify the director. Read more at The Business Times.
Herkunft: BusinessTimes - 🏆 15. / 51 Weiterlesen »