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This audit bulletin contains frequently asked questions to assist firms in the implementation of the quality management standards[1].
AB 3 has been updated to incorporate three new frequently asked questions (“FAQs”):
- FAQ 4.8: As part of engagement performance, is implementing a timesheet system mandatory to demonstrate that engagement team members have spent sufficient time on an engagement?
- FAQ: 4.9: Are firms that do not perform audits of publicly traded entities expected to perform verification procedures on staff’s declaration of independence obtained in accordance with SSQM 1.34(b)?
- FAQ 4.10: As part of monitoring activities, is it acceptable for inspections of completed engagements to be performed by partners from the same firm?
[1] The quality management standards comprise:
- Singapore Standard on Quality Management (SSQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements (previously SSQC 1)
- SSQM 2, Engagement Quality Reviews
- Singapore Standard on Auditing (SSA) 220 (Revised), Quality Management for an Audit of Financial Statements
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