ACRA is the regulator of business registration, financial reporting, public accountants and corporate service providers.

The merger was to synergise the monitoring of companies’ compliance with disclosure requirements,[2] and the regulation of public accountants performing statutory audit.

[3] On 12 December 2024, journalist Bertha Henson raised concerns about the functionality on the revamped Bizfile portal which appeared to allow users to retrieve the National Registration Identity Card (NRIC) numbers of individuals by name.

[4][5] Investigations by local news outlets determined that the NRIC numbers of many individuals, including well-known public figures, were accessible via this functionality without authentication or payment.

ACRA's role is to monitor corporate compliance with disclosure requirements and regulation of public accountants performing statutory audit.