EP 100 was updated by ISCA on 14 August 2018 to reflect the changes to the provisions on long association of senior personnel with an audit or assurance client. The provisions deal with familiarity and self-interest threats created when the firm uses the same senior personnel on an audit or assurance engagement over a long period of time.
Subject to the transitional paragraph 290.163, Section 290 paragraphs 290.148 to 290.168 are effective for audits of financial statements for periods beginning on or after 15 December 2018. Section 291 paragraphs 291.137 to 291.141 are effective on 15 December 2018.
The updated EP 100 is effective from 15 December 2018.
Singapore Exchange Limited (SGX) has agreed to harmonize the time-on and cooling-off requirements on rotation of Key Audit Partners (KAPs) on public interest entities (PIE) audits in Singapore and to have one single point of reference for the requirements. In this regard, SGX has started the process to amend the listing rules to refer to the relevant Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities issued by the Accounting and Corporate Regulatory Authority (ACRA Code) for the requirements. SGX’s Consultation Paper is expected to be issued in early 2019.
ACRA has issued changes to the ACRA Code relating to long association of personnel with an audit or assurance client on 5 December 2018.