ISCA Audit Committee Study Report 2015
The 2015 Study on “The Profile of Audit Committee of Listed Companies in Singapore” is the third study of audit committees (ACs) of listed companies in Singapore. The first two studies were conducted in 2009 and 2011, and they served as a baseline to calibrate the progress that ACs have made in Singapore. This report consists of three parts. The first part is a review of the empirical literature on ACs with a focus on the attributes of effective ACs. The second part profiles the ACs of the listed companies in Singapore in terms of their compliance to the requirements of the Companies Act, the guidelines by the Code of Corporate Governance 2012 (CG Code 2012) and the Guidebook for Audit Committees in Singapore 2014 (GAC 2014), and the Listing Rules of Singapore Exchange. The third and final part of this report is a summary of the major issues and views shared by selected chairmen of ACs collated through one-on-one interviews.
A Study on The Profile of Audit Committees of Listed Companies in Singapore
The study was undertaken with the aim of providing an understanding of the Audit Committees (ACs) of Singapore listed companies in relation to various regulations such as the Singapore Companies Act and the Code of Corporate Governance. The 2011 study is a follow-up from the 2009 study. This study examines the composition of ACs, qualification of AC members, experience of AC members and extent of ACs meeting the requirements of the Code of Corporate Governance, and puts forth some discussion and suggestions on matters pertaining to ACs.