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ACRA launches 3 documents for public consultation
Posted on Tuesday, July 24, 2007 - 12:00 AM

At its second annual Public Accountants Conference on 24 July 2007 at the Raffles City Convention Centre, ACRA launched 3 consultation documents: (i) ACRA’s Regulatory Strategy on Auditing and Corporate Reporting; (ii) ACRA’s Public Consultation on the Registration Framework for Public Accountants and the Path to becoming a Public Accountant in Singapore; and (iii) The Public Accountants Oversight Committee (PAOC)’s Ethics Committee’s proposed Code of Professional Conduct & Ethics.

FOREWORD BY MR TEO MING KIAN, CHAIRMAN OF ACRA AND CHAIRMAN OF ACRA BOARD'S STRATEGIC PLANNING AND POLICY COMMITTEE
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ACRA’s regulatory objective is to provide a responsive and trusted regulatory environment for businesses and public accountants in Singapore.

2. To help achieve this objective, transparent, extensive and continuous engagements with the stakeholders group of the business community and the public accounting profession are necessary. ACRA has therefore embarked on this inaugural strategic exercise to develop, publish and consult on three areas of strategic regulatory interest to ACRA:

(a) ACRA’s Regulatory Strategy on Auditing and Corporate Reporting in Singapore;

(b) ACRA’s Review on the Registration Framework for Public Accountants; and

(c) The Public Accountants Oversight Committee (PAOC)’s Ethics Sub-Committee’s proposed Code of Professional Conduct and Ethics for Public Accountants.

3. Through this consultation, ACRA hopes to reach out and seek out the views and feedback on its regulatory framework from the various stakeholder groups which include the directors, audit committees, auditors, professional bodies, as well as preparers and users of financial information.

4. This is an important regulatory framework that guides ACRA towards achieving the following strategic outcomes:

(a) High Quality Audit and Corporate Financial Reporting;

(b) High Degree of Voluntary Compliance; and

(c) Trusted Regulatory Framework.

5. ACRA has also published its inaugural issue of the Public Report on its Practice Monitoring Programme (PMP). This regulatory programme is one key instrument in ACRA’s efforts to promote audit quality and build market confidence in audit opinions in Singapore. Through publishing reports on the PMP, ACRA aims to achieve both transparency in its oversight activities and enhance the overall value of the PMP to the profession and the public that it serves.

6. I would like to take this opportunity to express my appreciation for the valuable contribution of members of the PAOC’s Practice Monitoring Sub-Committee and Ethics Sub-Committee, especially their utmost dedication towards the mission of ACRA in their respective work.

7. It is my pleasure to invite public views on ACRA’s regulatory framework, especially in the following areas of regulatory interest:

(a) ACRA’s regulatory objectives, strategic outcomes, and the key pillars that support the achievement of the strategic outcomes;

(b) ACRA’s Practice Monitoring Programme;

(c) ACRA’s Financial Reporting Surveillance Programme;

(d) ACRA’s approach to policy formulation and consultation; and

(e) Key areas directed towards the promotion of confidence in auditing and corporate reporting.

8. I look forward to your contributions and views in this public consultation exercise as we all strive to develop in Singapore the most trusted and enabling environment for businesses.

TEO MING KIAN
CHAIRMAN
ACCOUNTING AND CORPORATE REGULATORY AUTHORITY

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