The international new and revised auditor reporting standards were released by the International Auditing and Assurance Standards Board (IAASB) in January 2015 in response to strong calls by investors and users of financial statements for greater transparency and more pertinent information to be included in the auditor’s report to augment their decision-making. The Singapore equivalent of the standards was issued in July 2015. This major development in auditor communications will inevitably impact other stakeholder groups, in addition to the audit profession. With this in mind, ISCA has, since 2012, spearheaded outreach initiatives through numerous platforms to raise awareness and prepare different stakeholders, including the auditors, directors, CFOs and investors, for the changes and guide the profession in implementing the standards.
On May 12, ISCA, in collaboration with the Investment Management Association of Singapore (IMAS), organised a lunchtime talk for the fund management industry.