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SAP 2 (Revised) provides guidance on the reporting auditor’s roles and responsibilities when engaged as a professional in a public offering exercise, and general principles governing engagements relating to public offering documents.
As there were divergence in practice among reporting auditors when issuing private reports on profit forecast, SAP 2 has been revised to include a new section on the guidance on what reporting auditors should comment on their private reports.
The following key enhancements have been made to SAP 2:
- Updated references to the Securities and Futures (Offers of Investments) (Securities and Securities-based Derivative Contracts) Regulations 2018 (SFR 2018).
- New section on private reports on profit forecast. These are meant to provide guidance on what reporting auditors should comment on their private reports.
- Additional example report 6 in Appendix 1, of a private report on prospective financial information to provide illustrative guidance.
Effective date
The enhancements are effective for reports dated on or after 1 October 2019.
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