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Accounting and Corporate Regulatory Authority

Audit Regulatory Report 2023

Audience

Accountants

Accounting entities

News Topic

Accounting standards and sector regulation

Category

Announcement

29 November 2023

This article has been migrated from an earlier version of the site and may display formatting inconsistencies.

ACRA’s newly published Audit Regulatory Report 2023* includes details about ACRA’s regulatory activities aimed at fostering greater confidence in the profession and protecting public interest following the amendments to the Accountants Act which took effect from 1 July 2023, and recommendations for audit professionals wishing to acquire additional skills in preparation for sustainability reporting and assurance. 

This report also provides public accountants with key insights on the implementation of the Singapore Standards on Quality Management (SSQM) and the adoption of technological tools in financial statements audits. 

Accounting entities could draw on the observations and good practices in the transition from a procedures-based system of quality control to that of a risk-based system of quality management.  

*Download the full Audit Regulatory Report 2023 here.