Julia Tay - Shaping Regulation and Standards to Suit SMEs and SMPs

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Julia Tay, Assistant Chief Executive (Accountancy), Accounting and Corporate Regulatory Authority, Presentation at IFAC SMP Forum, March 2012

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Julia Tay - Shaping Regulation and Standards to Suit SMEs and SMPs

  1. 1. Shaping Regulation andStandards to Suit SMEs andSMPsA Singapore Regulator’s Perspective Page 1 | Confidential and Proprietary Information
  2. 2. Singapore Corporate Factsheet – as of 31 Dec 2011 151,071Sole Prop/Ptnrships 229,371 940 Local Companies Public Accountants 226,741 Private Companies PIE Audits Non- PIE Audits Big-4: 192 SMPs: 648 2,630 SMPs: 100 Public Companies 773 59% audited by Big-4 Listed on SGX * 31% audited by SMPs* Inclusive of foreign listed companies Page 2 | Confidential and Proprietary Information
  3. 3. Issues faced by SMPs in Singapore Lack of partner supervision Unable to Low Fee/High Unable to deliver attract and quality Volume retain staff audits Model Unable to invest in quality controls Page 3 | Confidential and Proprietary Information
  4. 4. Sustaining audit quality through firm-levelquality controls (1) Tone at the top and Leadership (6) (2) Monitoring Independence SSQC applies to all firms…the and nature and extent of the ethics policies and procedures developed by an individual firm to comply with this SSQC will (3) depend on various factors (5) Client and such as the size and operating Engagement engagement characteristics of the firm. performance acceptance (4) and Human continuance Resources polices and procedures Page 4 | Confidential and Proprietary Information
  5. 5. A Collaborative Approach to Audit Regulation• Remediation Tools – Remediation plans – Hot reviews and peer reviews – Customised courses• Communications and Guidance – Annual Public Accountants Conference – Annual Practice Monitoring Programme Public Report – Audit Practice Bulletins and Financial Reporting Practical Guidance – Audit Practical Guidance (ICPAS) – Audit Manual for Small Companies (ICPAS)• Other contributors of audit quality – Financial Reporting Surveillance Programme – Outreach to preparers and users of financial statements on financial reporting quality and value of audit Page 5 | Confidential and Proprietary Information
  6. 6. www.ifac.org

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