Due Process

The standard-setting process of ISCA is robust and essentially one that draws from the resources of the  International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board of the International Federation of Accountants (IFAC). ISCA’s Auditing and Assurance Standards Committee (AASC) adopts the auditing and assurance standards and revisions to the same issued by the IAASB, with such amendments as are necessary to serve the public interest in Singapore and to conform with Singapore's regulatory environment and statutory requirements, taking into account the benefits and intention of aligning as closely as possible with international standards. AASC also develops local standards to establish requirements for matters of relevance in Singapore not covered by the IAASB's standards. In addition, AASC issues guidance to provide practical assistance to auditors.

AASC adheres to a due process which takes into account feedback from key stakeholder groups, including preparers, users, and auditors of financial statements and also government agencies. All standards recommended by the AASC are issued after the approval of the ISCA Council and the concurrence of the Public Accountants Oversight Committee (PAOC). All guidance materials recommended by the AASC are issued after the approval of the ISCA Council.

 
Highlights of ISCA Auditing and Assurance Standards Committee (AASC) Meetings

AASC normally holds 4 meetings a year. Sub-Committees may be formed to work on certain projects.

The highlights and key decisions of the AASC meetings are published below:

 

2020/20212019/20202018/20192017/20182016/20172015/20162014/20152013/20142012/2013
8 Apr 216 Apr 204 Apr 195 Apr 1812 Apr 1718 Apr 1615 Apr 1514 Apr 145 Apr 13
14 Jan 2117 Jan 2014 Jan 1917 Jan 1812 Jan 1718 Jan 1629 Jan 1524 Jan 144 Jan 13
19 Oct 2017 Oct 1922 Oct 1830 Oct 176 Oct 1626 Oct 1521 Oct 144 Oct 1315 Oct 12
6 Aug 207 Aug 193 Aug 183 Aug 1712 Jul 167 Jul 1522 Jul 144 Jul 136 Jul 12