The material non-compliances arose from accounting areas such as accounting treatment for major complex transactions, and business valuations or impairment assessments.
Two other listed companies rectified by making additional disclosures or restating comparatives in their subsequent 2018 and 2019 financial statements. The rectifications by these companies have provided stakeholders with more reliable financial information to make decisions, added Acra. Acra said:"This highlighted the need for audit committees to invest more time and exercise due care to review the financial statements before issuance... When appointing the audit committee, the board should ensure there is a right mix of members possessing the appropriate skills and expertise in the areas of accounting and auditing. The board should also provide guidance and support to the AC, including allowing access to experts and consultants for advice on more complex areas.
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