Lax scrutiny, over-reliant directors behind improper financial statements: Acra

Singapore

DIRECTORS from four out of 49 listed companies received warnings after the Accounting and Corporate Regulatory Authority (Acra) completed its first review of financial statements under an expanded surveillance programme, the regulator announced on Thursday.

Insufficient scrutiny and over-reliance on management lay at the root of non-compliance with Singapore accounting rules, Acra said in the inaugural report on its Financial Reporting Surveillance Programme.