The ISCA Ethics Seminar: Ethics Developments – Knowing Where to Draw the Line was held on Friday, 13 April 2018.
Please refer to the event flyer here for more details.
Highlights of the Presentations
Mr Kwok Wui San, Chairman of ISCA Ethics Committee (EC) gave an overview of the Audit Practice Bulletin (APB) No. 2 of 2017 by ACRA. He noted that the APB requires all audit firms to put in place internal policies, procedures and controls (IPPCs) to address money laundering and terrorist financing concerns. EP 200 requires all professional firms providing professional services to implement IPPCs on a risk-based basis. with additional specified requirements for services specified in paragraph 1.5 of EP 200.
Mr Tan Seng Choon, Member of the ISCA EC, shared insights into ISCA’s recent Exposure Draft (ED) which proposed changes to certain provisions in EP 100 relating to long association. Some of the changes proposed in the ED, such as longer cooling-off periods for Engagement Partners (EPs) of public interest entities (PIEs) could have wide-ranging impact, due to the broad definition of PIE in Singapore. Small and medium practices (SMPs) who are component auditors of PIEs may be instructed by the Group Engagement Team to comply with the Long Association Provisions.
Mr Hamidul Haq, Partner from Rajah and Tann Singapore LLP, shared an overview of the corruption landscape and anti-corruption laws in Singapore. Mr Haq also shared that Singapore is looking at having deferred prosecution agreements whereby companies could be taken to task for corruption and made to pay higher sums compared to what is required under criminal law. Mr Haq shared the “newspaper rule” - To seek advice and permission if they think that anything (e.g. gifts, meals and hospitality) would give the impression of imparting an obligation; might cause them to look bad in the newspaper; or is unreasonable.
Ms Caroline Lee, Member of the International Ethics Standards Board for Accountants (IESBA), gave an overview of the recently issued Restructured Code of Ethics for Professional Accountants (Restructured Code). The Restructured Code was a project to improve the clarity and usability of the Code. Ms Lee provided insights into current and upcoming IESBA Projects, such as the project on professional scepticism, which was carried out in close coordination with the International Auditing and Assurance Standard Board and the International Accounting Education Standards Board.
You may download the slides to the presentation