Responding to financial reporting surveillance reviews
Directors have to be acutely aware of their duty now, with the expanded FRSP.
MANY directors continue to be surprised to receive letters from the Accounting and Corporate Regulatory Authority (ACRA) querying the accounting treatment and disclosures in their companies' financial statements.
These letters are being sent as part of the regulator's expanded Financial Reporting Surveillance Programme (FRSP) which selectively reviews the financial statements of companies for compliance with the prescribed Accounting Standards in Singapore.
Although the FRSP has been around since 2011, it was only in early 2014 that ACRA moved to include not just qualified accounts but also those with "clean" audit reports, and to directly engage with directors on the results and questions it may have on the financial statements.
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