.png?sfvrsn=dd675fd5_2)
.jpg?sfvrsn=d4038e84_0)
-(1).png?sfvrsn=db949de5_0)
-(5).png?sfvrsn=3162fbc9_0)
/business-management-global-connection/istock-1167579720-c.jpg?sfvrsn=ff93f9a5_2)
/audit-assurance/istock-1169206203-c.jpg?sfvrsn=1d6f9b25_2)
/professionals/istock-845530100-c.jpg?sfvrsn=46efdedd_2)
/ethics-and-professionalism/istock-1141115724-c.jpg?sfvrsn=4e54d691_2)
/business-management-global-connection/istock-1079974636-c.jpg?sfvrsn=e9fea23b_2)
.png?sfvrsn=905ee1bd_0)
/legal-secretarial/istock-866706340-c.jpg?sfvrsn=d7f57b8c_2)
ISCA today issues the amended Audit Guidance Statement (AGS) 9, Opinion on Receipts, Expenditure, Investment of Moneys and the Acquisition and Disposal of Assets by Statutory Boards. AGS 9 provides guidance on the audit approach for work to be performed by the auditors of financial statements of statutory boards on whether the receipts, expenditure, investment of moneys and the acquisition and disposal of assets by statutory boards are in accordance with the provisions of the statutory board acts.
The amendments made to AGS 9 are conforming amendments arising from the new and revised auditor reporting standards and Singapore Standard on Auditing (SSA) 720, The Auditor's Responsibilities Relating to Other Information which were issued by the Institute in July 2015 and November 2015 respectively.
The key conforming amendments to AGS 9 are as follows:
- Expansion on the provisions covering the auditor’s report, in line with the changes to SSA 700 (Revised), Forming an Opinion and Reporting on Financial Statements (paragraphs 41 to 49)
- The auditor’s report for a statutory board comprises (1) “Report on the Audit of the Financial Statements” section and (2) “Report on Other Legal and Regulatory Requirements” section that covers the compliance audit.
- Amendments to (1) have been made accordingly based on the enhanced auditor’s report format, except for the description of management’s responsibilities over going concern. As a statutory board is of a very different nature to that of a regular company, alternative wordings have been proposed for a statutory board.
- The following amendments have been made to (2):
- Ordering of sections follow SSA 700 (Revised), i.e. the "Opinion" section is presented first
- A new "Basis for Opinion" section has been created.
Effective Date
This amended AGS 9 is effective for audits of financial statements for periods ending on or after 15 December 2016, in line with the effective date for the new and revised auditor reporting standards.
Read more