Amendments to Audit Guidance Statements (AGS) and Singapore Standards on Auditing (SSA) arising from Introduction of Section 59A to the Accountants Act

The introduction of Section 59A to the Accountants Act requires auditor’s reports issued by a public accountant or an accounting entity that fall within the scope of Section 59A(4) to clearly state the full name of the public accountant responsible for the audit engagement, regardless of the auditing standards applied. Previously, this requirement was only applicable for listed entities under the SSAs. 

Amendments to the AGSs and SSAs have been made to align the ISCA pronouncements to the revised Accountants Act. The key revisions are:

• Amending the requirement under SSA 700 (Revised) to include the name of the engagement partner in the auditor’s report on financial statements of listed entities to all entities.
  
• Removing the harm’s way exemption in SSA 700 (Revised) that currently allows the name of the engagement partner to be excluded in the auditor’s report if in rare circumstances, such disclosure is reasonably expected to lead to a significant security threat. This is because the statutory requirement will override the exemption in the auditing standards.
  
• Updating the relevant illustrative auditor’s reports to reflect the above requirements.

The amendments will be effective for auditor’s reports dated on or after 6 May 2026.

The updated AGSs and SSAs include:

• SSA 510, Initial Audit Engagements—Opening Balances
  
• SSA 570 (Revised), Going Concern
  
• SSA 600 (Revised), Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors)
  
• SSA 700 (Revised), Forming an Opinion and Reporting on Financial Statements
  
• SSA 705, Modifications to the Opinion in the Independent Auditor’s Report
  
• SSA 706 (Revised), Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
  
• SSA 710, Comparative Information—Corresponding Figures and Comparative Financial Statements
  
• SSA 720 (Revised), The Auditor’s Responsibilities Relating to Other Information
  
• SSA 800 (Revised), Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks
  
• SSA 805 (Revised), Special Considerations—Audits of Single Financial Statements And Specific Elements, Accounts or Items of a Financial Statement
  
• AGS 1, Sample Independent Auditor’s Reports
• AGS 5, Audits of Entities in Specific Industries, Professions or Vocations
  
• AGS 9, Opinion on Receipts, Expenditure, Investment of Moneys and the Acquisition and Disposal of Assets by Statutory Boards

For the summary of amendments made, click here.