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ISCA Issues Updated Audit Guidance Statement (AGS) 1, Sample Independent Auditor’s Reports

AGS 1 is a compilation of commonly used sample reports.

Below is a summary of the updates that have been made to this guidance statement:

Updated Appendices

Key Updates Made

Appendix 4A Supplementary Reports for Banks (including Merchant Banks)




Arising from the cancellation of notices and directives issued under the Monetary Authority of Singapore Act to merchant banks, merchant banks are now regulated under the Banking Act (as with normal banks).

The supplementary report for merchant bank (previously under Appendix 4C) has been removed and streamlined into Appendix 4A.

Appendix 5A Agreed-Upon Procedures Report in connection with an EDB Scheme


Appendix 5A has been updated to align with SSRS 4400 (Revised), Agreed-Upon Procedures Engagements.

Procedures in the report have been refined to use terminology that is clear and not subject to varying interpretations, in accordance with the new requirements of SSRS 4400 (Revised).

Editorial amendments were made to the report in March 2022. 


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