On 16 to 18 April 2012, the Accounting and Corporate Regulatory Authority, Singapore (ACRA) participated in the eleventh meeting of the International Forum of Independent Audit Regulators ("IFIAR")[1] along with 32 other independent audit regulators, in Busan, Korea.

For the first time, ACRA facilitated a session focused on Asia, in which two investor representatives from Asia: Mr David Gerald, President and CEO of the Securities Investors Association Singapore (SIAS); and Ms Sharmila Gopinath, a Research Director of the Asian Corporate Governance Association, gave the international audit regulators a profile of Asian investors and their perspectives on audit quality and independent audit regulation in Asia. The session was opened by ACRA's Chief Executive Ms Juthika Ramanathan, who informed the international audience, some of whom were unfamiliar with Asia's audit and financial reporting environment, about the efforts of South East Asian audit regulators to raise investor confidence through independent audit regulation.

"The session provided the international audience with a relevant ground view of issues faced by investors in Asia, and how they have benefited from independent audit regulation in countries where it has been established," said Ms Ramanathan. "Investors in Asia are becoming more aware of good practices in corporate governance and an improved understanding of audit quality should be part and parcel of this trend."

Following the first collaboration between ACRA and SIAS, the two organisations will work together to educate Singapore investors about audit quality, and how they can encourage the companies they invest in to place a high value on audit quality in order to protect their investments.