About one-fifth of 412 Singapore-listed companies accounted for S$62.3 billion worth of proposed audit adjustments from 2018 to 2020, according to a recent study commissioned by the Accounting and Corporate Regulatory Authority (Acra). The study, titled Audit adjustments matter: What they reveal about companies' financial reporting, analysed the proposed audit adjustments made by auditors to 1,236 financial statements of 412 Singapore-listed companies over a 3-year period. This is the second edition of Acra's study, which was first published in 2014. It was conducted by SMU Associate Provost for Postgraduate Professional Education and Associate Professor of Accounting (Practice) Themin Suwardy and NTU’s Dr Lim Chu Yeong. The study also surveyed close to 280 audit committee chairs and heads of finance of these companies to gather their views on the effectiveness of their companies' finance functions.