As highlighted in a press release
Address by ACRA Chief Executive Mr Kenneth Yap at the ACRA-SGX-SID Audit Committee Seminar 2017, issued by Accounting and Corporate Regulatory Authority (ACRA), Audit Committees (AC) are strongly encouraged to consider providing commentaries in the company’s annual report for 2016 to explain significant financial reporting matters and to complement auditors’ commentary on Key Audit Matters. This commentary will enable investors to hear directly from the audit committees and deepen their trust that audit committees have appropriately discharged their oversight responsibilities.
ACRA has indicated that the AC commentary will not be mandatory. However, ACRA and Singapore Exchange (SGX) will continue to monitor the publication of such reports by companies.
SGX-Listed companies that have published AC commentaries include SGX and Qian Hu Corporation Limited.
The ACRA’s press release
Address by ACRA Chief Executive Mr Kenneth Yap at the ACRA-SGX-SID Audit Committee Seminar 2017 can be found in
https://www.acra.gov.sg/Publications/Guides/ACRA-SGX-SID_Audit_Committee_Seminar_2017/.