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Embracing The Spirit Of SSQC 1 Raising Audit Quality

An increasing emphasis is currently being placed on the implementation of Singapore Standard on Quality Control 1 (SSQC 1) Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements in public accounting firms to improve audit quality. In the recent proposed amendments to the Accountants Act, one of the preconditions in assessing a public accounting firm’s capacity and preparedness to undertake an engagement of public interest entities (PIEs) is the demonstrated compliance with SSQC 1, and its importance was again highlighted at Accounting and Corporate Regulatory Authority’s (ACRA) Public Accountants Conference (PAC) in August 2012. 
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