Maintaining Company Registers: Electronic Register of Auditors

14 June 2024

Editor: ET

Accurate maintenance of the Electronic Register of Auditors is a critical responsibility for companies in Singapore.

In Singapore, maintaining accurate and up-to-date company registers is a crucial aspect of corporate governance. Among these registers, the Electronic Register of Auditors plays a vital role in ensuring transparency and accountability within a company.

Further Reading: Breaking Down the Basics of Payroll Management

Here’s everything you need to know about maintaining your company’s Electronic Register of Auditors via ACRA’s BizFile+ system.

Updating Auditor Information

All companies in Singapore are required to update the Accounting and Corporate Regulatory Authority (ACRA) via BizFile+ whenever there is a change of auditor or a change in the auditor’s particulars. Keeping this register current is not only a legal requirement but also helps maintain the integrity and transparency of the company’s financial reporting.

Transactions for Changes

• Change in Company Information including Appointment/Cessation of Company Officers/Auditors: Use this transaction to update ACRA when there are new auditor appointments or when an auditor ceases to hold office.

• Change in Personal Particulars of Company Officers: Use this transaction to update any changes in the auditor’s personal details.

Key Points to Remember

1. Timely Updates: Companies must ensure that all changes are reported promptly. This helps maintain accurate records and compliance with Singapore’s regulatory requirements.

2. Exemptions for Singapore Citizens and PRs: Singapore citizens and Permanent Residents (PRs) are not required to update ACRA separately on changes to their residential address, personal name, nationality, identification type, and number. These changes should be notified to the Immigration & Checkpoints Authority (ICA).

3. Using BizFile+: BizFile+ is ACRA’s online filing and information retrieval system. It is the primary platform for submitting updates regarding company officers, including auditors.

Importance of Maintaining Accurate Registers

Maintaining accurate and up-to-date registers of auditors and other company officers is essential for several reasons:

• Transparency: Ensures that stakeholders, including investors and regulatory authorities, have access to current information about the individuals responsible for the company’s audits.

• Compliance: Helps the company stay compliant with Singapore’s regulatory framework, avoiding potential fines and legal issues.

• Corporate Governance: Enhances the overall governance and accountability within the company by ensuring that all relevant changes are documented and accessible.

Further Reading: Breaking Down the Basics of Payroll Management

Accurate maintenance of the Electronic Register of Auditors is a critical responsibility for companies in Singapore. By ensuring timely updates and leveraging ACRA’s BizFile+ system, companies can stay compliant and promote transparency and accountability in their operations.

For more insights and professional advice on maintaining company registers and other corporate governance matters, consult with experts like those at Expede, who are well-versed in Singapore’s regulatory landscape.