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The relevant auditing and assurance pronouncements have been amended arising from the issuance of Singapore Financial Reporting Standards (International) (SFRS(I)s) by the Accounting Standards Council (ASC). The following amendments have been made to the pronouncements:
- Some of the pronouncements make reference to Financial Reporting Standards (FRSs) issued by the ASC as a financial reporting framework. These have been updated to include SFRS(I)s.
- Some of the pronouncements make reference to specific FRSs as examples. These have been updated to include the specific SFRS(I)s and relevant paragraphs.
- For scenarios relating to Singapore-incorporated listed companies/initial public offerings (IPOs), references to the financial reporting framework have been amended from “FRSs” to “SFRS(I)s”.
- For illustrative auditor’s reports of Singapore-incorporated listed companies/IPOs, references to the financial reporting framework have been amended from “FRSs” to “SFRS(I)s”.
- For illustrative auditor’s reports of Singapore-incorporated private companies in SSA 700 (Revised), the following footnote has been added:
“References to the applicable financial reporting framework in the auditor’s report would be replaced, as appropriate, when another financial reporting framework other than FRSs is used (e.g. SFRS(I)s).”
- For illustrative auditor’s reports of Singapore-incorporated listed companies in SSA 700 (Revised), the following footnote has been added:
“For first year adoption of SFRS(I)s, the auditor should refer to Auditor’s Report on Financial Statements Prepared in Accordance with Singapore Financial Reporting Standards (International) – Frequently Asked Questions issued by the Institute of Singapore Chartered Accountants in April 2018 for guidance on reporting considerations.”
The amendments pertain to a change in the name of the financial reporting framework and do not give rise to any changes in auditing and assurance principles.
Please click below for the amended pronouncements.
SSA 210, Agreeing the Terms of Audit Engagements
SSA 450, Evaluation of Misstatements Identified during the Audit
SSA 570 (Revised), Going Concern
SSA 580, Written Representations
SSA 700 (Revised), Forming an Opinion and Reporting on Financial Statements
SSA 705 (Revised), Modifications to the Opinion in the Independent Auditor’s Report
SSA 720 (Revised), The Auditor’s Responsibilities Relating to Other Information
SSA 810 (Revised), Engagements To Report On Summary Financial Statements
SSRE 2400 (Revised), Engagements to Review Historical Financial Statements
SSRS 4410 (Revised), Compilation Engagements
SAP 2 (Revised), Auditors and Public Offering Documents
SAP 3, Audit of Listed Companies
SAPN 1000, Special Considerations in Auditing Financial Instruments
AGS 4, Existence and Valuation of Inventories in the Context of the Historical Cost System
AGS 11, Comfort Letters and Due Diligence Meetings
The amendments to AGS 1, Sample Independent Auditor’s Reports will be issued at a later date.
Effective Date
The amendments are effective for annual reporting periods beginning on or after 1 January 2018.