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.