Friday, November 26, 2004

Sarbanes-Oxley Act may find its way into Singapore rules: PwC

International accounting firm PricewaterhouseCoopers says authorities in Singapore may see it fit to adopt some of the best practices form the Sarbanes-Oxley Act, in line with efforts to become a world class financial hub.

The Sarbanes-Oxley Act was made law by the US in 2002 in the wake of accounting scandals, like Enron, that shook investor confidence in the corporate world. Under the act, filings to the US Securities and Exchange Commission will have to be accompanied by sworn statements from the company's chief executive and chief financial officer as to their fairness and accuracy.

Some say the rules are tough but industry players see that as a growing trend.

Gererd Tan, a partner at PricewaterhouseCoopers, said, "Certainly, I think we have our share of problems in Singapore in terms of misreporting. I think regulators around the world are trying to see what best practices come out of the US from the Sarbanes-Oxley Act."

Sarbanes-Oxley Act may find its way into Singapore rules: PwC

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