According to an SMU study commissioned by the Accounting and Corporate Regulatory Authority, some public-listed companies in Singapore had made significant adjustments to their unaudited financial statements during their audits. The study covered 257 listed companies in Singapore with a total market capitalisation of S$288.3 billion as of Dec 31, 2013. SMU Associate Professor of Accounting Themin Suwardy said that manufacturing is a sector that needed more work. "The manufacturing sector accounts for about half of the factual differences and 70 per cent of the misclassification differences, which is quite abnormal when you think about it, because you would think that manufacturing operations tend to be more regular and less complex transactions. It is a little bit unusual," he said.