ACRA Holds First Practice Monitoring Programme Seminar for ACCA Practitioners

Online, January 27, 2011 (Newswire.com) - The Accounting and Corporate Regulatory Authority (ACRA) recently held its first Practice Monitoring Programme (PMP) seminar for ACCA practitioners. The event is part of ACRA's outreach efforts to engage directly with a professional body to share and discuss the practice monitoring process and share perspectives on audit quality matters.

The PMP seminar was initiated and organised by ACCA to help its members in the public accountancy profession. By establishing a new direct channel of communication, ACCA aims to provide opportunities for members to engage with the regulator to ensure that they understand and are able to meet with prescribed auditing standards.

Audit quality is the cornerstone of market confidence in the reliability of financial information. The PMP provides quality assurance to market participants by ascertaining whether public accountants have complied with the prescribed auditing standards, methods, procedures and other requirements in discharging their responsibilities in the provision of public accountancy services in Singapore.

In an effort to help participants reach a higher level of understanding, the PMP seminar for ACCA members presented a framework on how the programme was designed and on the assessment process. The event was an interesting and highly informative session well attended by over 60 ACCA members at the Carlton Hotel. The packed audience listened attentively and participated actively in open dialogue with the PMP reviewers. Q&A session lasted for over an hour as participants made full use of the opportunity to clarify doubts and raise any concerns about the PMP.

"ACCA has shown itself to be very proactive in initiating this seminar to help its practising members. We hope that professional bodies like ACCA will continue to encourage and help their members to strengthen their audit quality. We believe that the profession can work together to drive up audit quality so as to enhance the appreciation of the value of audit by all stakeholders," said Ms Julia Tay, Director of Profession Oversight Division, ACRA.

"ACRA has worked hard to educate and inform practitioners about the PMP. Our members have benefitted greatly from this opportunity of face to face communication with the regulator, and we look forward to many more similar sessions in the future." said Mr Darryl Wee, country head of ACCA Singapore.

"ACRA displayed openness in sharing information. It was a useful session which enabled us (practitioners) to clarify key issues directly with the regulator" said Ms Helen Sim, founding partner of Ark Alliance & ACCA member. "It is clear; looking back at the efforts that ACRA made in designing the PMP, that their approach to the assessment process is well thought-out and comprehensive. The session has strengthened my commitment to audit quality so as to raise local and international confidence in Singapore's audited financial reports."