The Institute of Singapore Chartered Accountants (the Institute) is pleased to publish the ISCA Audit Manual for Standalone Entities (Manual).
The Manual shall be read in conjunction with the Singapore Companies Act (Cap. 50), the applicable Singapore Standards on Auditing (SSAs), the applicable Singapore Financial Reporting Standards (FRS) and any other regulatory requirements that are deemed appropriate. The contents in this Manual are not substitutes for reading the SSAs but rather as a supplement to support consistent application of these standards.
This Manual is an illustrative guidance to assist auditing professionals in carrying out audits of a complete set of general purpose financial statements of Singapore incorporated standalone entities. The Manual is intended to help auditing professionals understand and effectively apply the SSAs on such audits. In the performance of their professional duties, it remains incumbent on them to exercise their professional judgment or seek independent professional advice and verification if necessary.
Due to the inherent dynamic nature of an audit of a complete set of general purpose financial statements, the use of the Manual, in whole or in part, shall not be presumed to assure compliance with the requirements expected and shall not be relied upon as containing, professional or expert advice.
Every audit engagement is different and the audit programs provided in this Manual shall be tailored to the circumstances of individual engagements before use.
All contents in this Manual are based on the SSAs in place as at July 2016. SSAs issued by the Institute after July 2016 are not incorporated in this Manual. It is the responsibility of the auditing professionals to ensure that they are using the most up-to-date standards and/or guidance available at the ISCA Knowledge Centre.
The Institute would like to thank the following individuals for their invaluable contributions towards the development of the Manual:
Mr Chai Tse Whei Mr Chew Chang Ching Mr Daniel Lee Ms Eileen Lee Ms Esther Chng Mr Imran Assan Ms Koh Chiew Hong Mr Koh Swee Tian Mr Lim Yew Si Mr Luar Eng Hwa Ms Narissa Chen Mr Ng Hock Lee Ms Ng Liew Peng Mr Paul Hooi Ms Poh Mui Hwa Ms Pong Siew Inn Mr Steven Shia Mr Tay Chee Keong Mr Terence Koh Mr Victor Yuen Mr Wee Kong Eng Ms Wong Sook Yee
(Chai Son Chan & Co) (Teo Liang Chye PAC) (C M Lee & Co) (B L Lee & Co) (Enterprise Accountants LLP) (MGI Menon & Associates) (Kreston David Yeung PAC) (Koh Swee Tian & Co) (Gleneagle Trust) (E H Luar & Co) (Mazars LLP) (Baker Tilly TFW LLP) (Ng Liew Peng & Co) (Paul Hooi & Company) (Ng, Lee & Associates – DFK) (PKF-CAP LLP) (Kreston David Yeung PAC) (Robert Yam & Co) (Tan Soo Chong & Co) (TKNP International) (K E Wee & Associates) (Wong Sook Yee & Associates)