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ACRA joins new International Forum of Independent Audit Regulators (IFIAR) as a founding member 
Posted on Friday, October 27, 2006 - 06:00 PM

ACRA (Accounting & Corporate Regulatory Authority), the national regulatory authority of the audit and public accounting profession in Singapore, became a founding member of the inaugural International Forum of Independent Audit Regulators (IFIAR). Singapore is the only Asian country other than Japan being invited to the IFIAR.

2. The inauguration of the IFIAR took place at a Roundtable meeting in Paris hosted by the Haut Conseil du Commissariat aux Comptes (H3C) on 15 September 2006. ACRA, together with 17 other independent audit regulatory organisations from Australia, Austria, Brazil, Canada, Denmark, France, Germany, Ireland, Italy, Japan, Mexico, the Netherlands, Norway, South Africa, Spain, Sweden, and the United Kingdom came together at the meeting and established the three-pronged purpose of the IFIAR:
a) To share knowledge of the audit market environment and practical experience of independent audit regulatory activity;
b) To promote collaboration in regulatory activity;
c) To provide a focus for contacts with other international organisations which have an interest in audit quality.

3. ACRA’s involvement in the IFIAR could not have come at a better time, with the audit and public accounting profession having witnessed significant transformations in its regulatory environment in Singapore as well as internationally in recent years.

4. "We at ACRA are honoured to be part of this reputable international setup of the IFIAR. Upholding the integrity and quality of our financial reporting regime is critical to Singapore’s position as a major business and financial hub of the world. For its part, the audit and public accounting profession plays a pivotal role in providing public confidence in corporate financial reporting", said Ms Juthika Ramanathan, Chief Executive, ACRA.

5. "By being part of this international reputable forum, ACRA directly
participates and helps shape the global audit regulatory developments. The
participation in the IFIAR will no doubt help enhance and further strengthen
the effectiveness and robustness of the audit regulatory environment in
Singapore and contribute to Singapore’s position as the global capital hub."

6. The initiative to establish the IFIAR among the international independent audit regulatory authorities originated from an inaugural Auditor Oversight Roundtable held in the United States in September 2004. ACRA was one of the two Asian countries invited to participate in that roundtable. ACRA subsequently participated in the three other roundtables held in the UK, Australia and France that led to the eventual formation of the IFIAR.

7. The IFIAR is also attended by observers from the major reputable international bodies in the global capital market such as the Financial Stability Forum, the World Bank, the International Organisation of Securities Commissions, the Basel Committee, the International Association of Insurance Supervisors, the Public Interest Oversight Board and the European Commission and the US Public Company Accounting Oversight Board (PCAOB).