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ISCA Issues Updated Auditing and Assurance Pronouncements and Guidance Arising from SFRS(I) 1–1 and FRS 1

Singapore Financial Reporting Standard (International) (SFRS(I)) 1–1 and Financial Reporting Standard (FRS) 1 were updated to require companies to disclose their material accounting policy information instead of significant accounting policies. The narrow scope amendments are intended to help companies improve accounting policy disclosures so that they provide more useful information to investors and other primary users of the financial statements. The amendments apply for annual reporting periods beginning on or after 1 January 2023.

Arising from this update, the references to “significant accounting policies” in the Auditing and Assurance Pronouncements and Guidance have been updated to “material accounting policy information” to be aligned to the terminology used in the financial reporting standards. The updates would be effective for audits of financial statements for periods beginning on or after 1 January 2023.

The updated Pronouncements and Guidance include:

  • 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
  • AGS 10 Joint Audits
  • AGS 11 Comfort Letters and Due Diligence Meetings
  • Glossary of Terms
  • SSA 210 Agreeing the Terms of Audit Engagements
  • SSA 260 (Revised) Communication with Those Charged with Governance
  • SSA 265 Communicating Deficiencies in Internal Control to those Charged with Governance and Management
  • SSA 315 (Revised 2021) Identifying and Assessing the Risks of Material Misstatement 
  • SSA 510 Initial Audit Engagements – Opening Balances
  • SSA 540 (Revised) Auditing Accounting Estimates and Related Disclosures 
  • SSA 570 Going Concern
  • SSA 600 Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors)
  • SSA 600 (Revised) Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors)[1]
  • SSA 700 (Revised) Forming an Opinion and Reporting on Financial Statements
  • SSA 705 (Revised) 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
  • SSRE 2400 (Revised) Engagements to Review Historical Financial Statements
  • SSRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity
  • SAP 2 Auditors and Public Offering Documents
  • SAP 3 Audit of Listed Companies

[1] SSA 600 (Revised) is effective for audits of financial statements for periods beginning on or after 15 December 2023.