These are just some of the findings that the Accounting and Corporate Regulatory Authority of Singapore notes in the 2018 public edition of its Practice Monitoring Programme (PMP). In these annual reports, ACRA, which oversees public accountants, highlights areas for improvement after inspecting auditors, their practices and processes, and compliance with Ethics Pronouncement 200 requirements, which governs anti-money laundering and terrorism financing.
In its annual reports, ACRA regularly lists examples of improper or inadequate practices among public accountants. The regulator now has audit firms in its sights.
SINGAPORE (Aug 5): Auditors using the search engine Google to screen clients as part of due diligence; senior auditors not spending enough time reviewing or supervising client audits; spouses of audit partners violating the firms’ policies on independence…
