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.

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