Singapore is cracking down on financial statements that do not fully meet regulatory standards.

Singapore's Accounting and Corporate Regulatory Authority is going to scrutinise the financial statements of more companies than ever before, thanks to a new alliance with the Institute of Singapore Chartered Accountants.

Under the terms of a new agreement, the institute will share its views on financial statements that do not fully meet regulatory standards. This will allow ACRA to take action under the Companies Act if necessary. Josephine Teo, the senior minister of state at the Ministry of Finance, told reporters recently that the surveillance programme could be extended to firstly non-listed companies, and even those without modified statements, but which are of public interest. The chief of the institute warned companies with weak finance teams to expect trouble.