The Institute of Certified Public Accountants
of Singapore (ICPAS) president Ernest Kan has called for Singapore
to keep a close eye on Michel Barnier’s audit reform
recommendations due in November.
At a recent ICPAS and Institute of Chartered
Accountants in England and Wales (ICAEW) panel discussion on the
‘Future of Audit’ Kan said the EC Green Paper has created
opportunities for debate on how the audit function can be improved
and the topic of audit policy is especially pertinent to Singapore
given its status as an international financial centre and the
global nature of capital markets today.
“It is thus vital for the profession to
understand the paper’s implications on the future of audit. The
forum is in line with our goal to engage the profession in
discussion regarding this development,” Kan said.
ICAEW chief executive Michael Izza said
Singapore is an attractive market for international investors, and
this is supported by high quality and robust financial
“For Singapore to retain its position as one
of the best countries to do business, as well as becoming a finance
hub for the ASEAN region, it is critical that audit continues to
evolve alongside business, which is why international discussions
are so important,” Izza said.