On 19 August 2014, the Monetary Authority of Singapore (the "MAS"), the Accounting and Corporate Regulatory Authority (the "ACRA") and Singapore Exchange Limited (the "SGX") announced the issue of the second edition of the Guidebook for Audit Committees in Singapore (the "Guidebook").

The Guidebook was developed by the Audit Committee Guidance Committee and first issued in October 2008 to provide practical guidance and recommendations of best practices for audit committees of companies listed on the Singapore Exchange. The Guidebook is divided into six sections as follows:

  • AC composition
  • AC agenda
  • Risk management and internal controls
  • Internal audit
  • Finacial reporting
  • External audit

The Guidebook has been reviewed following the revision to the Code of Corporate Governance in May 2012 and other industry developments. Aside from covering the changes in the relevant regulations and guidelines, the case studies in the Guidebook have been refreshed. Guidance on new areas of concern to audit committees has also been  introduced.

Reference materials

The following materials are available from the MAS website www.mas.gov.sg: