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Auditors of statutory boards are required by the relevant statutory board acts to state in their report, whether the receipts, expenditure, investment of moneys and the acquisition and disposal of assets by the statutory boards have been in accordance with the relevant statutory board acts. Audit Guidance Statement (AGS) 9, Opinion on Receipts, Expenditure, Investment of Moneys and the Acquisition and Disposal of Assets by Statutory Boards provides guidance to auditors on the work to be performed in this area to ensure compliance with statutory requirements.
Notwithstanding, the principles in AGS 9 may be applied by analogy to the compliance audit of entities other than statutory boards, with similar reporting requirements as those specified in the acts of statutory boards. Members are encouraged to refer to AGS 9 when performing such work for these entities. Where the reporting requirements are not statutory requirements or the format of the report is not specified, the final report format will depend on the contractual arrangement between the parties involved and will be subject to the requirements of the Singapore Standards on Auditing (SSAs).
To clarify the scope of AGS 9, the above clarification statement was issued and posted on the ISCA website in July 2012. However, to further enhance the clarity of the scope, the clarification statement is now included within AGS 9 which makes it clear to the relevant entities and their auditors that the clarification statement is an integral part of AGS 9 and the principles in AGS 9 can be applied by analogy to the compliance audit of entities other than statutory boards, which have similar statutory reporting requirements in their respective Acts.
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