Isca and Acra to work on reviewing financial statements together
National accountancy body, the Institute of Singapore Chartered Accountants (Isca), signed two agreements on Thursday, including one that will see it working with the Accounting and Corporate Regulatory Authority (Acra) on a review of financial statements.
The move aims to remove overlaps and allows the two bodies to pool sources and expertise to raise the quality of financial reporting in Singapore.
"The review and feedback process will be streamlined into a single channel where both agencies can reach out to auditors and directors at the same time," said Isca president Ernest Kan at the official opening of Isca House, which moved to Cecil Street.
In the past, Isca's committee focused on auditors while Acra's programme focused mainly on directors.