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EP 100 IG 4 clarifies the scope of entities that falls within the definition of financial institutions (FIs) in EP 100 (Revised on 14 August 2020), and hence, are considered as public interest entities (PIEs).
Professional firms auditing PIEs are subject to higher independence requirements, such as stricter rotation requirements and prohibition from providing certain non-assurance services.
FIs are included within the definition of PIEs in EP 100 (Revised on 14 August 2020). ISCA Ethics Committee embarked on an initiative to perform an analysis on the FIs extracted from the MAS Financial institutions Directory to assess whether they fall within the definition of FIs in EP 100 (Revised on 14 August 2020).
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