CONTENTS
HOME
OUR WORK - Managing Risks, Sustaining Growth
A MORE CHALLENGING POLICY ENVIRONMENT
MONETARY POLICY - PROVIDING AN ANCHOR FOR PRICE STABILITY OVER THE MEDIUM-TERM
MANAGING THE CHALLENGES OF INCREASED GLOBAL FINANCIAL UNCERTAINTY
A SOUND AND PROGRESSIVE FINANCIAL CENTRE
CURRENCY
 
MANAGING THE CHALLENGES OF INCREASED GLOBAL FINANCIAL UNCERTAINTY 20
 
International Financial Markets: Subprime Crisis 20
 
Asia: Resilient So Far But There Are Risks 23
 
Enhanced Surveillance and Supervision 24
 
Money Markets: Staying Vigilant 24
 
Business Continuity and Crisis Management 25
 
FATF Mutual Evaluation Exercise 2007/2008 26
 
AML/CFT Notice to SVF Holders 26
 
External Validation Performed Between Other Ministries' Internal Audit Departments and MAS 26
 
Box Story 2 - Audit Committee Guidance Committee 27
 
Risk Management Guidelines for Insurance Companies 28
 
Consumer Protection (Fair Trading) Act - Inclusion of Financial Products and Services 28
 
Corporate Governance of Listed Companies 28
 

Box Story 2: Audit Committee Guidance Committee

ACGC members with ACRA Chief Executive Juthika Ramanathan (Front row: 1st from left); MAS Managing Director, Heng Swee Keat, (Front row: 4th from left) and SGX Senior Executive Vice-President, Yeo Lian Sim, (Front row: 7th from left). Absent: Teng Cheong Kwee, Member of ACGC.

The Audit Committee Guidance Committee (ACGC) was established by MAS, ACRA and SGX on 15 January 2008 to develop practical guidance for audit committees of listed companies to enhance their effectiveness. In developing the guidance, the ACGC aims to:

(a) focus on the practical aspects and considerations of the work of audit committees,
including the implications of the requirements of the Companies Act and the
principles and guidelines of the Code of Corporate Governance; and

(b) identify and describe best practices of effective audit committees.

The ACGC is chaired by Mr Bobby Chin Yoke Choong and its members are drawn from the business community as well as stakeholder groups such as the Institute of Certified Public Accountants of Singapore (ICPAS), the Law Society of Singapore, the Singapore Association of the Institute of Chartered Secretaries and Administrators, and the Singapore Institute of Directors (SID).

As part of its work to develop the guidance, the ACGC has held several dialogue sessions with industry groups such as the Singapore Business Federation, the Association of Small & Medium Enterprises, SID and ICPAS to gather their feedback. In addition, the ACGC commissioned the Singapore Management University School of Accountancy to conduct a survey of AC directors of listed companies to obtain further feedback. The findings of the survey were published in June 2008, and will be analysed in more detail through focus groups and discussion forums.