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ISCA issued the following updated pronouncements arising from the Revised ACRA Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (ACRA Code):
- SSA 700 (Revised), Forming an Opinion and Reporting on Financial Statements; and
- SSA 260 (Revised) Communication with Those Charged with Governance.
The amendments, which are effective for periods beginning on or after 15 December 2024, operationalise the revisions to the ACRA Code that require a firm to publicly disclose when it has applied the independence requirements for public interest entities (PIEs).
The key amendments include:
SSA 700 (Revised)
- Added requirement for the auditor to disclose when the independence requirements for PIEs have been applied in an audit of financial statements in the statement on independence within the auditor’s report.
- Updated Illustrations 1 and 2 to provide illustrative wording in the auditor’s report to comply with above amendment to the standard.
SSA 260 (Revised)
- Added requirement for the auditor to communicate with those charged with governance when the independence requirements for PIEs have been applied.
Click here for the amendments to the pronouncements.