Singapore Issues Revised Guidebook For Audit Committees To Ensure Continued Relevance

The Monetary Authority of Singapore (MAS), the Accounting and Corporate Regulatory Authority (ACRA) and the Singapore Exchange (SGX) have issued a revised Guidebook for Audit Committees in Singapore.

This is the second edition of the Guidebook which was developed by the Audit Committee Guidance Committee (ACGC) and first issued in October 2008.

The Guidebook has been a rich source of practical guidance for Audit Committee members over the past five years. Following the revision to the Code of Corporate Governance in May 2012 and numerous industry developments, it was timely to review the Guidebook to ensure its continued relevance.

The Audit Committee Guidance Committee (ACGC) was established in January 2008 to develop practical guidance for Audit Committees in Singapore. Members of the ACGC were drawn from the business community and stakeholder groups.

A Work Group comprising industry practitioners and stakeholders were formed in mid-2013 to review the Guidebook. Besides covering the relevant changes in the regulations and guidelines, the Work Group also refreshed the case studies, and introduced guidance on new areas of concern to Audit Committees that were not covered previously.

“As accountability and audit become an increasingly critical component to the good governance of a company, the second edition of the Guidebook aims to help Audit Committee members better understand their roles and responsibilities," says the Chairman of the Work Group, Danny Teoh.

Ong Chong Tee, Deputy Managing Director for Financial Supervision, MAS, adds: "I am confident that the Guidebook will continue to serve as an important tool to assist Audit Committees in their role in the governance and oversight of listed companies in Singapore.”