On 28 August 2018, the Accounting and Corporate Regulatory Authority (ACRA) has issued its First Audit Practice Bulletin (APB) for 2018 that highlights the legislative requirements and provides guidance for auditors on the audit procedures and report on the revised Financial Statements made under sections 202A and 202B of the Companies Act.
The sections 202A and 202B of the Companies Act and the related Companies (Revision of Defective Financial Statements, or Consolidated Financial Statements or Balance-Sheet) Regulations 2018 (the “Regulations”) took effect from 20 April 2018 and allow:
- the directors to voluntarily revise Financial Statements that do not comply with the requirements of the Companies Act (including compliance with the Accounting Standards); and
- the Registrar of Companies to apply to court to require a company to revise its Financial Statements where defects had been detected.
The APB No. 1 of 2018 can be downloaded from ACRA’s website.
Source: ACRA, 31 August 2018