Regulatory Alerts2016-06-30
Added · Updated
Auditors' Reports and Additional Information to be Submitted with Annual Accounts
This Notice requires all banks to furnish the Monetary Authority of Singapore (MAS) with auditors' long form and supplementary reports within three months after the financial year-end. Banks incorporated in Singapore must also provide an auditor's report on specific reporting schedules under MAS Notice 637, due three months after the Reporting Date, and notify MAS of overseas operations reports within a week of receipt. Additionally, auditors of banks that are Scheme Members under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 must opine on the preparation of specific returns under Notice DIA-N01, due within three months, with a special four-month deadline for financial years ending 31 December 2023. The Notice cancels MAS Notice 609 dated 24 December 2014, with most provisions taking immediate effect, while specific paragraphs related to reporting schedules apply to Reporting Dates on or after 31 December 2016.
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