Auditing Practices in Singapore

• Main Author: FOO, See Liang
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 1992
• Subjects: Accounting; Asian Studies; Business Law, Public Responsibility, and Ethics; Corporate Finance
• Online Access: https://ink.library.smu.edu.sg/soa_research/708; https://ink.library.smu.edu.sg/context/soa_research/article/1707/viewcontent/Auditing_Practices_in_Singapore.pdf
• Institution: Singapore Management University

The accounting profession in Singapore plays an important part in the country's economy because it ensures foreign investors' confidence that their investments are audited by competent, independent, and credible auditors. The emergence of joint stock companies in Singapore was made possible by the Indian Joint Stock Companies Act of 1857. The Act requires every company to maintain proper accounting and other records which will explain sufficiently the transactions and financial position of the company and to enable true and fair profit and loss account and balance-sheet and any documents required to be attached thereto to be prepared from time to time. No standard reporting format is required by law, although considerable details must be disclosed. The Institute of Certified Public Accountants of Singapore (ICPAS) is the only official accounting body in Singapore. The accounting principles followed in Singapore are in line with those practiced in the UK and Austalia, and they adhere to International Accounting Standards.