1. The Accounting & Corporate Regulatory Authority is seeking comments on its inaugural consultation document on “Regulatory Strategy – Auditing and Corporate Reporting”.
2. ACRA is undertaking this initiative to promote greater transparency, to better leverage on consultation and to embrace closer collaboration with the stakeholders in auditing and corporate reporting in Singapore. This consultation document invites views on ACRA’s regulatory strategy for the promotion of high quality auditing and corporate reporting in Singapore.
Scope of The Consultation Exercise
3. The consultation document specifically discusses the following areas of specific interest:
The local and international auditing market and regulatory environment;
ACRA’s regulatory objectives, strategic outcomes, and the key pillars that support the achievement of the strategic outcomes;
ACRA’s Practice Monitoring Programme (PMP);
ACRA’s Financial Reporting Surveillance Programme;
ACRA’s approach to policy formulation and consultation; and
ACRA’s key regulatory activities directed towards promotion of confidence in auditing and corporate reporting.
4. ACRA invites views on the overall policy framework, our strategy towards specific regulatory programmes, as well as ACRA’s planned key regulatory activities.
5. ACRA recognizes that its ability to achieve its strategic outcomes rests on its ability to independently and effectively set standards, promote a high standard of quality and compliance, and facilitate efficient information flow in the market. These core elements are encapsulated in the six pillars that support the achievement of ACRA’s strategic outcomes:
Pillar One: Internationally Reputable Policy & Legislative Framework
Pillar Two: High Quality Audit
Pillar Three: Effective and Efficient Regulation
Pillar Four: Transparent and Informed Market
Pillar Five: Strong Professional Environment
Pillar Six: Competitive Audit Market
6. ACRA would like to invite comments on the six supporting pillars as identified in the consultation document. Additionally, ACRA will welcome suggestions about initiatives that ACRA could consider in promoting confidence in auditing and corporate financial reporting in Singapore.
7. ACRA invites views on the specific questions posed in the document as well as views on any other matters relevant to regulation of financial reporting and auditing. To facilitate a mutually beneficial feedback process, ACRA would appreciate it if you could provide some background insights leading to your views and suggestions. In facilitating a productive and focused consultation process, respondents are encouraged to:
Indicate your name as well as the organisation you represent (if any);
Make a conscious attempt to phrase your comments in a clear and concise fashion;
Focus on the specific consultation points set out in the document.
Period of Consultation
8. The consultation document is available for public consultation from 24 July 2007 to 24 September 2007.
9. Please send us your comments via email to http://appiqs.acra.gov.sg/iqs/ask_acra.asp (please type ‘Consultation on ACRA’s Regulatory Strategy’ in the subject title to your mail).
Summary of Reponse
10. As we will be publishing on ACRA’s website a summary of all comments received, we would like to highlight that all comments will be regarded as being on the public record unless request for confidentiality is expressly indicated in your feedback.
11. For your convenience, the consultation document relating to this consultation exercise can be downloaded for further reference.