According to an SMU study commissioned by the Accounting and Corporate Regulatory Authority, some public-listed companies in Singapore have made adjustments totalling S$34 billion during the audit process in the last financial year. Therefore, they are urged to improve their preparations of unaudited financial reports. This is important as retail investors rely heavily on these statements, available on the Singapore Exchange website every quarter, to make investment decisions. Many of these quarterly financial reports are not audited.  The study found that in the 257 listed companies surveyed, auditors had proposed a total of 3,222 sets of adjustments with gross values adding up to S$33.9 billion for the financial year ended Dec 31, 2013.