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What's trending
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ISCA Issues Audit Bulletin (AB) 6 Key Revisions to Group Audits - SSA 600 (Revised)
ISCA developed Audit Bulletin (AB) 6 to raise awareness of the key changes to SSA 600 (Revised) Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors) and provide guidance to address implementation challenges, including applying the new risk-based approach in planning and performing a group audit engagement.
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ISCA Issues Audit Bulletin (AB) 5 Reporting on Grants and Incentive Schemes - Considerations for Government Agencies
To support government agencies in establishing reporting requirements for grants and incentive schemes, ISCA developed AB 5 to raise awareness on the different frameworks available for such reporting. AB 5 is also useful to practitioners in better understanding grants reporting under the various frameworks.
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ISCA Comments on IAASB’s Exposure Draft: Proposed ISA 240 (Revised), The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements
We shared concerns that the requirement to specifically identify fraud related KAMs may lead to the perception that the auditor has directed greater work effort in relation to fraud as compared to other significant risks. Also, a statement indicating that there are no KAMs related to fraud may be misconstrued as an affirmative statement by the auditor that there is no fraud. These could perpetuate the misconception on the auditor's responsibility in relation to fraud and further widen the expectation gap.
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ISCA Issues Audit Bulletin 4 Non-Consolidation of Subsidiaries - Considerations for the Auditor’s Report (AB 4)
This audit bulletin highlights key considerations for the auditor when assessing the effects of non-consolidation of subsidiaries on the auditor’s report, including illustrative examples on the types of audit opinions that may be issued.
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ISCA Comments on IAASB’s Exposure Draft: Proposed ISSA 5000 General Requirements for Sustainability Assurance Engagements and Proposed Conforming and Consequential Amendments to Other IAASB Standards
ISCA welcomes the development of IAASB’s new sustainability assurance standard, which will serve to enhance confidence and trust in sustainability reporting. In our response, we highlighted areas where implementation guidance is needed to address practical application challenges, such as the application of materiality to sustainability information, which is wide-ranging with diverse user needs and expectations. Due to the relatively nascent state of sustainability assurance, we also provided recommendations on areas where requirements over risk assessment and fraud requirements can be tightened.
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ISCA Issues Technical Bulletin 1 Addressing Climate-Related Risks in Financial Statements and Audits of such Financial Statements (TB 1)
Arising from the strong focus on climate globally and in Singapore, TB 1 provides guidance on climate-related risk considerations in financial reporting and audits of financial statements. It also includes an example of a Singapore entity in the transportation industry to illustrate how climate-related risks could affect how the principles of the financial reporting standards and auditing standards are applied.
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Due Process
The standard-setting process of ISCA is robust and essentially one that draws from the resources of the IAASB.
Standards & Guidance
ISCA's pronouncements relating to auditing and assurance govern audit, review, other assurance and related services engagements.
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Open for Comments
Read about proposed changes to the auditing and assurance standards in Singapore and our views on them!
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Resources
ISCA supports the profession by providing a wide range of resources on various audit and assurance topics.
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Information and insights on key topical issues in the auditing and assurance landscape
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News & events
Latest updates on local and international developments!