Acra, ISCA launch financial statements review exercise

[SINGAPORE] The heat has been turned up a notch for Singapore directors who submit financial statements that fall short of accounting standards.

Under a new agreement announced yesterday, the Accounting and Corporate Regulatory Authority (Acra) and the Institute of Singapore Chartered Accountants (ISCA) will review a sample of financial statements from listed companies, as well as non-listed firms - including charities - which report a large turnover and market capitalisation.

The exercise, which is to cover financial statements that have already been given a clean bill of health by auditors, is being carried out with a view to taking regulatory action against errant directors.