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HIGHER independence standards for auditors checking the books of large charities and financial institutions are in the pipeline.迷你倉將軍澳This is one of the key proposed amendments to the Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities.The changes are being mulled because the financial institutions, large charities and large "institutions of a public character" are expected to meet a higher benchmark in this area.Greater levels of public confidence in the financial information of such entities are therefore crucial, noted the Accounting and Corporate Regulatory Authority (Acra) in a statement last Friday.The national regulator of business entities and public accountants added that these entities are expected to meet a higher benchmark in corporate governance and financial reporting.Higher standards of independence already apply to auditors of listed companies.Another proposed change has to do with ensuring the auditor's independence is not threatened by the amount 迷你倉尖沙咀f fees it receives from a client.The concern is that if a large proportion of an auditor's fees comes from just one client, it could prevent the auditor from acting independently for fear of losing a major source of income.Issued in 2009, the Code is due for a revision, in the light of changes to an international code of ethics. The current Singapore Code is based on the 2006 code of ethics issued by the International Ethics Standards Board for Accountants.The international body has since issued a new version of the ethics code, strengthening rules to prevent conflicts of interest, among other things.Acra said the proposed amendments to the Singapore Code will keep the regulatory framework for auditing here in line with international standards.It noted that some audit firms have taken steps to ensure they comply with the international standards on their own accord.MOK FEI FEIYou can view the consultation paper at the website .acra.gov.sg and e-mail your thoughts to ACRA_Consultation@acra.gov.sgmini storage