Deficiencies found in fair value measure: audit survey

Singapore

SINGAPORE'S Accounting and Corporate Regulatory Authority (ACRA) on Monday raised an alert on "common and persistent deficiencies" relating to fair value measurements, internal control testing and revenue recognition among public company audits.

ACRA was referring to the latest global survey of audit inspections by the International Forum of Independent Audit Regulators (IFIAR) - which Singapore is a founding member of - that has found recurring and high levels of deficiencies in key areas of public company audits. The results of the third-annual survey were released in London on March 3.