SINGAPORE : Euleen Goh has been named the chairperson of the inaugural Accounting Standards Council (ASC).

She is currently the chairman of International Enterprise Singapore and the former CEO of Standard Chartered Bank Singapore.

The ASC has been tasked with prescribing accounting standards for companies and other entities like societies, charities and cooperatives.

Ms Goh's appointment was announced by the Minister of State for Finance, Mrs Lim Hwee Hua, at an event by the Institute of Certified Public Accountants of Singapore on Friday.

At the event, Mrs Lim also called for the setting of high-quality auditing standards in Singapore.

She said, "The adoption of high-quality auditing standards is a fundamental building block for assuring transparency, integrity and credibility of audits. We believe more collaboration between ICPAS and the Public Accountants Oversight Committee of ACRA, which oversees the Practice Monitoring Programme also known as PMP, would be useful.

"This, coupled with efforts from ICPAS to help professionals keep abreast of the latest standards and developments, would go a long way in improving the quality of audits performed by all audit firms in Singapore." - CNA/ms