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Singapore’s Auditor Oversight System Recognised as Equivalent to the European Union's

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Monday, 11 April 2011 06:51


The European Commission has adopted a Decision (2011/30/EU), recognising that Singapore’s auditor oversight system is equivalent to that of the European Union (EU) Member States. Singapore is amongst the first batch of ten countries (including Australia, Canada and the US) to gain this recognition.


This Decision paves the way for audit regulators in individual EU Member States to establish cooperative arrangements with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) with a view to relying on ACRA’s oversight of Singapore audit entities that audit companies listed in the EU Member States, rather than to subject these entities to separate oversight by the EU audit regulators. Such cooperative arrangements between ACRA and the relevant EU Member States will minimise the duplication of oversight efforts and alleviate the regulatory burden on local public accounting firms.


The Decision was a result of assessments carried out by the European Commission with the aim to foster international cooperation between audit regulators in the selected countries and in the EU. The assessments focused on ascertaining the equivalence of the selected countries’ systems with that of the EU’s, in terms of their audit oversight, quality assurance, investigation and penalty for auditors and audit entities.