• local-news

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

AGS 1 is a compilation of commonly used sample reports.

The main updates relate to revised sample reports of financial institutions arising from amendments to MAS Notices. 

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

Updates Arising from

Affected Reports/Appendices

Key Updates Made

MAS Notice 612,Credit Files, Grading and Provisioning
  • 1D – Bank
  • 1E – Branch of foreign bank

Amended to be in line with MAS Notice.

A locally incorporated bank now recognizes ECL allowance in accordance with FRS 109. Accordingly, modifications arising from deviation from FRS have been removed in Appendix 1D.

MAS Notice 609,Auditors’ Reports and Additional Information to be Submitted with Annual Accounts
  • 4A – Supplementary reports for Banks
  • 4B – Supplementary reports for Finance Companies
  • 4C – Supplementary reports for Merchant Banks

Amended to be in line with MAS Notice.

Aligned wordings on management’s responsibilities to the auditor’s opinion.

Change in assumptions relating to “Other Information” (OI)

1E – Branch of foreign bank

Amended assumptions for clarity.

As it is common to include the Branch manager’s statement, the assumptions on OI and OI section have been updated.

Alignment between Charities (CLG) report wordings and Charity (Society) wordings

1H – Charity (Society)

Amended Charity (Society) report to be in line with wordings of Charity (CLG) report.

New financial reporting framework – SFRS(I)s
  • 1D – Bank
  • 1F – Foreign company
  • 1J – Revised financial statements
  • 4A – Supplementary reports for Banks
  • 4B – Supplementary reports for Finance Companies
  • 4C – Supplementary reports for Merchant Banks
  • 4D – Supplementary Reports for Members of CDP, SGX-DC, SGX-ST and SGX-DT
  • 4F – Report on Depository Agent for The Central Depository (Pte) Limited

Added references to SFRS(I)s.

Read more