ACCOUNTANTS need to work together and communicate well with other corporate parties such as audit committees and directors to ensure that each role is fulfilled.

They should not do their duties 'in isolation', said Ms Juthika Ramanathan, chief executive of the Accounting and Corporate Regulatory Authority (Acra) on Wednesday.

She was giving the keynote address at the ACCA Singapore Annual Conference held at the Raffles City Convention Centre.

Ms Ramanathan said: 'This is not a zero sum game, where one side takes the lead so the other side can relax.'

She used the analogy of sailing a yacht to illustrate the importance of the various parties working together.

Earlier, Ms Ramanathan highlighted the audit committee's role in the Companies Act.

She noted: 'The Act requires the audit committee to perform these functions 'with the auditor'.'

There have been recent calls for increased alertness on the part of company directors and auditors, due to a rise in the number of corporate scandals here.

In March, the Singapore Exchange urged board members and audit committees to 'heighten their vigilance' in identifying, addressing and managing risks, calling for auditors and directors to consider conducting further checks in these areas if necessary.

That same month, Acra emphasised a greater need for auditors to scrutinise balance sheets and operations. It also stressed that auditors must take a closer look at the risk areas of companies, such as cash and investments.