What does FRSP mean in FINANCE
Financial Reporting Surveillance Programme (FRSP) is an initiative that enables organizations to monitor financial reporting through monitoring, risk assessment, and risk management activities. It is designed to help organizations and their external auditors improve the accuracy and completeness of financial statements. FRSP also provides an effective way for organizations to monitor their progress in achieving their goals. The primary purpose of FRSP is to detect fraudulent activities within a company or organization and make sure the company's financial statements meet established accounting standards.
FRSP meaning in Finance in Business
FRSP mostly used in an acronym Finance in Category Business that means Financial Reporting Surveillance Programme
Shorthand: FRSP,
Full Form: Financial Reporting Surveillance Programme
For more information of "Financial Reporting Surveillance Programme", see the section below.
Meaning
The Financial Reporting Surveillance Programme (FRSP) ensures that companies maintain accurate records related to financial reporting and disclosure requirements such as those put forth by the International Financial Reporting Standards (IFRS), Generally Accepted Accounting Principles (GAAP) and other authoritative accounting guidance. This program works to identify deficiencies in a company's financial reporting processes in order to ensure compliance with applicable standards, laws, and regulations. The objective of FRSP is to provide assurance that a company's data is complete, reliable, accurate, and consistent with legal requirements.
Benefits
The FRSP provides numerous benefits for companies including improved financial oversight through enhanced monitoring of financial activity; increased transparency; better decision-making based on more reliable data; and better accountability for companies within the marketplace. Companies are able to benefit from the FRSP due to its ability to uncover warning signs early on in the process which can prevent potential fraud or misstatements from occurring before they happen. Additionally, by adhering to the guidance outlined in the programme, companies are able to produce more meaningful reports which may lead them toward higher performance levels than they would have otherwise achieved had they not followed such procedures closely. Furthermore, companies can use those same procedures during audits or reviews in order to get certification that their books are accurate up-to-date representations of their business operations.
Essential Questions and Answers on Financial Reporting Surveillance Programme in "BUSINESS»FINANCE"
What is the Financial Reporting Surveillance Programme (FRSP)?
The Financial Reporting Surveillance Programme (FRSP) is a program designed to promote the accuracy and integrity of financial reporting by Singapore-listed companies. It is a critical component of the risk management framework for listed companies to ensure shareholders are provided with pertinent and reliable Company information.
What does the FRSP involve?
The FRSP involves review of listed companies’ annual and half-yearly financial reports for compliance with relevant accounting and regulatory standards. The reviews include an assessment of both internal control systems as well as external auditors’ considerations. Depending on the complexity and size of the company, these reviews may be conducted on site or over a period of several months.
Who conducts FRSP reviews?
The FRSP is conducted by SGX RegCo Compliance Officers who are qualified professionals with extensive knowledge in financial reporting and assurance standards. They work closely with listed companies’ independent auditors to examine their accounting policies, disclosure requirements, estimates and judgments made for inclusion in their financial statements.
How often does the FRSP take place?
The FRSP typically takes place every two years for each listed company. During this period, periodic observations will also be conducted to ensure that any non-compliant issues identified during reviews or arising from their operations are rectified or addressed in a timely manner.
What responsibilities do listed companies have during an FRSP review?
Listed companies are responsible for providing all necessary information requested by SGX RegCo Compliance Officers to facilitate the review process including accounting records, internal controls processes, working papers prepared by their auditors etc., Additionally they must also cooperate fully with SGX RegCo Compliance Officers throughout the duration of the review process.
Does external audit opinion change due to an FRSP review?
An external auditor’s opinion is not subject to change as a result of an FRSP review since it is based on independent professional judgment when determining whether financial statements comply with applicable Singapore standards. However, should non-compliance issues be identified during a review, those matters may require attention from both external auditors as well as management before finalising their report.
Does FRSP affect dividend payments?
Dividend payments are usually determined based on individual company performance for that particular period which cannot be affected by an FRSP review unless if non-compliance issues were identified that would have otherwise affected declared dividends or earnings per share calculations.
Do I need to submit additional documents once I am selected for FRSP Review?
Once you have been selected for an FRSP review, you will be required to provide all necessary supporting documentation as requested such as board resolutions relating to compliance related matters, minutes from board meetings related to accounts adoption etc., These documents must be provided within stipulated deadlines so that further progress can be made throughout the course of your review.
Final Words:
In conclusion, Financial Reporting Surveillance Programme (FRSP) provides numerous benefits for companies trying to remain compliant with accounting standards while ensuring accurate records related to financial transactions are maintained at all times. With FRSP being used by many enterprises across different industries, it has become increasingly important for businesses looking into improving their practices related to information quality assurance and control issues as well as auditability of financial documents. Through continual monitoring efforts along with proactive risk assessments employed it helps limit any risks associated with improper accounting techniques or activities that could potentially cause damage down the line if left unnoticed or unaccounted for until much later on when it could be too late.
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