- Who is affected
- Directors and management of SGX-listed issuers, and their sponsors and advisers.
Summary
Regulatory Updates – 2021 Audit Committee (AC) Seminar (ACRA/SGX/SID) On 12 Jan 2021, the annual Audit Committee Seminar for 2021 was held by ACRA, SGX RegCo and SID. In this year’s seminar, the following topics were discussed: 1. ACRA Regulatory Updates (by Ms Bong Yap Kim) (i) ACRA’s area of review focus of listed companies’ FY2020 financial statements (ii) Addressing internal controls and audit considerations (iii) Tips on how to raise effectiveness of ACs 2. SGX RegCo Regulatory Update (by Ms June Sim) (i) Enhanced guidance for issuers to make disclosure amidst business uncertainties. (ii) Valuations in Interim Financial Statements (iii) Investigations involving issuers, directors or executive officers (iv) SGX RegCo’s enforcement powers 3. Findings of Audit Committee of Singapore listed companies (by Professor Ho Yew Kee) Thereafter, a panellist discussion on “Effecting Resilience in Enterprises” was shared by Mr Adrian Chan (AC Chairman of Ascendas Funds Management (S) Limited), Ms Yiong Yim Ming (Group CFO of City Developments Limited) and Ms Kathy Lai (Deputy CEO of Enterprise Singapore) and moderated by Mr Max Loh (AC Chapter Chairman of SID). The opening and closing speeches of the AC seminar were given by Mr Ong Khiaw Hong (Chief Executive of ACRA) and Mr Tan Boon Gin (CEO of SGX RegCo) respectively.
The key takeaways of the abovementioned topics are summarised below: 1. ACRA Regulatory Updates (i) ACRA’s area of review focus of listed companies’ FY2020 financial statements (“FS”) ACs are expected to pay special attention to the following areas when preparing the FY2020 FS in view of the current climate: ACRA’s Areas of focus on FS
This update is a summary of publicly available regulatory guidance prepared by SAC Capital Private Limited for general information. It is not legal advice. Issuers should refer to the SGX Listing Rules and consult their sponsor or legal adviser.