Audit guidelines updated with second edition of guidebook

SINGAPORE - Regulators have issued an updated version of a guidebook that provides guidelines to the audit committees of listed companies here.

This is the second edition of the guidebook, which was first issued in October 2008, as a means to strengthen corporate governance in Singapore.

"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," regulators from three agencies said.

They are the Monetary Authority of Singapore (MAS), the Accounting and Corporate Regulatory Authority (ACRA) and the Singapore Exchange (SGX).

These three agencies had established the Audit Committee Guidance Committee (ACGC) in 2008 to develop the guidelines found in the book.

A work group comprising industry practitioners and stakeholders was formed last year to review it.

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," said Mr Danny Teoh, the chairman of the work group.