• archived-local-and-international-news

AGS 11, Comfort Letters and Due Diligence Meeting

AGS 11 (or the “Statement”) provides guidance to reporting auditors on the procedures to be performed to provide comfort in respect of the integrity of certain information disclosed in the investment circular, or to comment on changes in selected financial statement items subsequent to the latest period reported on in the reporting auditors’ report. Such procedures are encompassed in the comfort letter issued by the reporting auditors, for an offering of securities in Singapore.  This Statement also provides guidance to reporting auditors taking part in a due diligence or verification meeting for an offering of securities in Singapore.   

This Statement is intended to provide guidance to reporting auditors in the context of an offering of securities in Singapore, where the reporting auditors are not required or have not been requested to provide limited assurance on subsequent changes in specified financial statement items from the end of the period for which relevant financial statements have been subject to an audit or a review in accordance with Singapore Standards on Auditing or Singapore Standards on Review Engagements. 

Independent auditors should also follow the guidance in this Statement when requested to issue a comfort letter or take part in a due diligence or verification meeting in connection with an offering of debt securities, collective investment schemes authorised by the Monetary Authority of Singapore (MAS) (such as real estate investment trusts or REITs) and business trusts registered by MAS; and made pursuant to an investment circular.   

ISCA takes a leading role in advocating the views and proposals of the audit community in Singapore. ISCA would hence like to seek views from key stakeholders in Singapore on the above proposal. 

ISCA requires all comments to be submitted to technical@isca.org.sg by 27 April 2016. 


Read more