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Accounting and Corporate Regulatory Authority
Announcement

Financial Reporting Practice Guidance No. 1 of 2022 – Areas of Review Focus for FY2022 Financial Statements

Audience

Accountants

Accounting entities

Businesses

Corporate service providers (CSPs)

News Topic

Accounting standards and sector regulation

4 November 2022

This article has been migrated from an earlier version of the site and may display formatting inconsistencies.

ACRA has issued the Financial Reporting Practice Guidance No. 1 of 2022 (PDF, 204KB) which highlights financial reporting areas that may require closer attention by directors in the review of the FY2022 financial statements. This year, we have also expanded the scope of the guidance to cover areas Audit Committees should pro-actively engage their external auditors on, such as the auditor’s assessment of risk, use of technology in audits, auditor independence, findings from ACRA’s audit inspections and audit quality indicators.

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