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During the Singapore Accountancy Convention 2016 (SAC) on August 25, Julia Tay, then-Deputy Chief Executive, Accounting and Corporate Regulatory Authority (ACRA), had shared, “When we talk about extended auditor’s reports, foreign brands like Rolls Royce and Vodafone come to mind. Today, we can say that our local brands are part of that list, including CapitaLand, Singtel and Singapore Airlines.”
It is encouraging to note that there are already 10 early adopters in Singapore (Figure 1) of the enhanced auditor’s report as at end-August 2016, despite the new and revised auditor reporting standards coming into effect only at the end of 2016.
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