ACRA Singapore - area of concern in financial statement audit in current economic environment

Just saw in newspaper ACRA (Accounting and Corporate Regulatory Authority) Singapore has come out with a list of areas of concern in financial statement audit in current economic environment.


The PDF file in the link is a good read.

Areas of concern:
1. Planning and fraud considerations
2. Cash at banks
3. Going concern
4. Valuation of financial instruments held at fair value
5. Impairment of assets
6. Deferred tax asset recognition
7. Provision for onerous contracts and restructuring
8. Disclosure in financial statements, off-balance sheets items
9. Communication with those charged with governance

Refer to the PDF file in the link for details.
It even mentions the references/standards applicable to the areas of concern.

To improve on how to spot frauds, maybe we should learn from these references/standards.

Do check out my other related posts on Singapore investment, financial crisis and
fraud prevention
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