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Professional firms auditing public interest entities (PIEs) are subject to higher independence requirements, such as stricter rotation requirements and prohibition from providing certain non-assurance services.
EP 100 Implementation Guidance (IG) 4 Clarification on Financial Institutions Considered as Public Interest Entities clarifies the scope of entities that falls within the definition of a financial institution (FI) in EP 100 (Revised on 14 August 2020), and hence, are considered as PIEs.
The Glossary of EP 100 (Revised on 7 July 2021) contains amendments to the definition of a FI to be aligned with the Revised ACRA Code issued on 26 February 2021 to spell out the respective legislation for each FI and to re-order the categories of FIs in alphabetical sequence.
ISCA has issued EP 100 IG 4 (Revised) with an updated list of FIs which corresponds to the definition of a FI in EP 100 (Revised on 7 July 2021).
Please click here for the EP 100 IG 4 (Revised).