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XX October

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					             10 Anson Road #05-01/15, International Plaza, Singapore 079903
                   Telephone: (65) 6325-0209      Fax: (65) 6225 1676
                                    www.acra.gov.sg

10 October 2007

MEDIA RELEASE
FOR IMMEDIATE RELEASE

ACRA NOMINATED AS MEMBER OF TASK FORCE MAKING
RECOMMENDATIONS     ON    STRATEGIC   DIRECTION  OF      THE
INTERNATIONAL FORUM OF INDEPENDENT AUDIT REGULATORS (IFIAR)

1       The Accounting & Corporate Regulatory Authority (ACRA), the
independent regulator of the auditing profession in Singapore, was nominated as
a member of an IFIAR task force (“IFIAR Future Directions Task Force”) which
will review IFIAR’s future directions, organisation, resourcing and governance.
This nomination was made at IFIAR’s recent meeting held on 24 and 25
September 2007 in Toronto, Canada.

2.     The IFIAR Future Directions Task Force will submit its recommendations
at the next IFIAR meeting to be held in Oslo, Norway in April 2008.

3      IFIAR was formed a year ago, and now represents audit regulators in 22
countries. Its purposes are to share knowledge of the audit market environment
and practical experience of independent audit regulatory activity; to promote
collaboration in regulatory activity; and to provide a focus for contacts with other
international organisations which have an interest in audit quality.

4      At the meeting, Paul Boyle, Chief Executive of the UK Financial Reporting
Council, was elected Chairman of IFIAR and Prof Dr Steven Maijoor, Managing
Director, Netherlands Authority for Financial Markets, was elected Vice
Chairman.

5     At an IFIAR roundtable discussion on policy issues pertaining to audit
inspections, ACRA provided an update on the progress Singapore has made in
improving audit quality through ACRA’s practice monitoring programme.

6      Said Ms Juthika Ramanathan, Chief Executive of ACRA, “ACRA’s
representation on the IFIAR Future Directions Task Force is a significant one.
We are indeed honoured to be nominated to be part of the process for setting the
strategic direction of IFIAR. We have benefited much from the insights and
regulatory experiences shared at this strategic international forum. This is an
excellent opportunity for ACRA, as a member of the international community of
             10 Anson Road #05-01/15, International Plaza, Singapore 079903
                   Telephone: (65) 6325-0209      Fax: (65) 6225 1676
                                    www.acra.gov.sg

audit regulators, to make meaningful contributions to the shaping of the future
direction of IFIAR.”

7     More details relating to the discussions at the Toronto meeting can be
found on the IFIAR website at www.ifiar.org.

                                         -end-


Notes to Editors:

1.    The Accounting & Corporate Regulatory Authority (ACRA) is Singapore’s
corporate regulator as well as the independent regulator for public accountants.
ACRA’s primary role is that of the regulator of businesses and public
accountants. Its secondary role is that of a facilitator of businesses.

2.      IFIAR is an international forum of independent audit regulators that seeks
to share knowledge of the audit market environment and practical experience of
independent audit regulatory activity; promote collaboration in regulatory activity
and provide a focus for contacts with other international organisations that have
an interest in audit quality. There are currently 22 members on IFIAR, from
Australia, Austria, Brazil, Canada, Denmark, Finland, France, Germany, Ireland,
Italy, Japan, Korea, the Netherlands, Norway, Singapore, South Africa, Spain, Sri
Lanka, Sweden, Switzerland, the United Kingdom and the USA.

3.    The Financial Stability Forum, the International Organization of Securities
Commissions, the Basel Committee on Banking Supervision, the International
Association of Insurance Supervisors, the Public Interest Oversight Board and
the European Commission are observers at selected portions of IFIAR meetings.

4.     All press enquiries should be addressed to Shirlynn Loo, Head of
Accounting    &   Auditing   Policy, +65   6325   0206    or email   at
Shirlynn_Loo@acra.gov.sg.

				
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