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Listed Singapore firms need to prepare better accounts: SMS Josephine Teo

Published on Aug 27, 2014 9:56 AM
 
Many listed companies need to look at beefing up their financial reporting, Senior Minister of State for Finance and Transport Josephine Teo said on Wednesday. -- ST PHOTO: MARK CHEONG

SINGAPORE - Many listed companies need to look at beefing up their financial reporting, Senior Minister of State for Finance and Transport Josephine Teo said on Wednesday.

Mrs Teo noted that a study of 257 listed companies with a total market capitalisation of $288.3 billion found that only about half of them had prepared their accounts well enough such that their accounts needed just a few adjustments by auditors.

The total audit adjustments that the 257 firms needed came up to a whopping $34 billion. These companies together account for nearly a third of the Singapore Exchange's total market cap.

On the other hand, there was a group of 33 companies whose accounts needed 20 or more adjustments by auditors, she said.

 
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