Rising percentage of listed firms fail to get 'clean' audit opinions

Acra blames trend among Singapore-incorporated listed firms on preparers and directors' lack of deep knowledge

Tay Peck Gek

Published Tue, Jul 14, 2020 · 09:50 PM

Singapore

MORE Singapore-incorporated listed firms are receiving tainted audit opinions, a trend which the Accounting and Corporate Regulatory Authority (Acra) described as "unhealthy".

Acra said the number of firms that failed to receive "clean" audit opinions has risen from 6 per cent for 2016 financial statements, to 9 per cent for 2018 financial statements.

Based on the filings with Acra as of March 31 this year, there were 35 such companies with qualified audit opinions or disclaimers on their 2016 financial statements. The figure rose to 49 or 9 per cent for 2017 financial statements, and 51 with the proportion maintained at 9 per cent for 2018 financial statements.

But seven companies that had qualified audit opinions or disclaimers on their 2016 financial statements subsequently received clean audit opinions on their 2017 and 201…