Guidebook For Audit Committees Revised To Ensure Continued Relevance
Singapore, 19 August 2014… The Monetary Authority of Singapore (MAS), the Accounting and Corporate Regulatory Authority (ACRA) and the Singapore Exchange (SGX) have issued a revised Guidebook for Audit Committees in Singapore (Guidebook).
2 This is the second edition of the Guidebook which was developed by the Audit Committee Guidance Committee (ACGC) and first issued in October 2008. The Guidebook has proven to be a rich source of practical guidance for Audit Committee members over the past five years. 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.
3 A Work Group comprising industry practitioners and stakeholders were formed in mid-2013 to review the Guidebook. 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.
4 The Chairman of the Work Group, Mr Danny Teoh said, “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. This Guidebook was developed in consultation with the industry and stakeholders, and I would like to thank all companies and the Audit Committee Chairmen who provided their feedback.”
5 Mr Ong Chong Tee, Deputy Managing Director for Financial Supervision, MAS, said, “MAS would like to thank Mr Danny Teoh, the Chairman of the Work Group, and all Work Group members for the considerable efforts and extensive deliberations that the Work Group has put in for the review. I am confident that the Guidebook will continue to serve as an important tool to assist Audit Committees in their role in the governance and oversight of listed companies in Singapore.”
6 The Guidebook is available for download on the following websites:
1 To strengthen corporate governance practices of listed companies in Singapore, MAS, ACRA and SGX established the Audit Committee Guidance Committee (ACGC) in Jan 2008 to develop practical guidance for Audit Committees in Singapore. Members of the ACGC were drawn from the business community and stakeholder groups.
2 The Work Group to review the Guidebook for Audit Committees in Singapore was convened in mid-2013 to review the 2008 Guidebook. The composition of the Work Group is as follows:
a. Mr Danny Teoh (Chairman)
b. Mr Adrian Chan
c. Mr Kevin Kwok
d. Mr Irving Low
e. Mr Ng Siew Quan
f. Mr Yap Chee Keong
3 The Work Group conducted a survey involving Audit Committee Chairmen of more than 700 companies listed on the SGX. Feedback and suggestions for areas of improvement received were carefully considered by the Work Group during the review.