How to Use This Guide

vi How to Use This Guide T his Audit Committee Guide provides AC members of Singapore-listed companies with practical guidance on the discharge of their functions, duties and responsibilities. Specifically, it takes into consideration the Companies Act (Cap. 50), the Listing Manual of the Singapore Exchange Securities Trading Limited (SGX-ST Listing Manual), and the Code of Corporate Governance. This Guide explains concepts, principles and approaches relating to financial reporting, internal controls, audits and other areas relevant to ACs, and sets out the leading practices that will help ACs achieve higher standards of corporate governance. However, the practices are not meant to be exhaustive, nor are they intended to replace or override any legislative provisions. Instead, this Guide should be read together with the relevant legislation, as well as codes, requirements and legislation issued by the Accounting and Corporate Regulatory Authority (ACRA), the Monetary Authority of Singapore (MAS), and the Singapore Exchange Securities Trading Limited (SGX-ST). Depending on the context, references to a Singapore-listed company may be construed to include, and apply to, REITs and business trusts. In addition, the general principles and guidance may also apply to private companies and nonprofit organisations, especially for those registered as a company limited by guarantee, society, or charitable trust. However, this Guide does not cover the requirements of the Business Trusts Act and Code on Collective Investment Schemes. It is important to stress that each company is different. For that reason, ACs are strongly encouraged to adapt and modify the recommended leading practices to make them relevant and feasible for their respective companies.