Based on a study done by a team of SMU researchers and commissioned by the Accounting and Corporate Regulatory Authority, Senior Minister of State for Finance and Transport Josephine Teo said that many listed companies need to look at improving their financial reporting. She noted that a study of 257 listed companies found that only about half of them had prepared their accounts well enough to ensure they needed just a few adjustments by auditors. The total audit adjustments for those 257 firms came up to a whopping $34 billion, with most errors attributed to manufacturers, the study found. But the research team, led by SMU Associate Professor of Accounting Themin Suwardy, said, "investors should be comforted to learn that most proposed adjustments are reflected in the audited financial statements".