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:
|6 Apr 20||4 Apr 19||5 Apr 18||12 Apr 17||18 Apr 16||15 Apr 15||14 Apr 14||5 Apr 13|
|14 Jan 21||17 Jan 20||14 Jan 19||17 Jan 18||12 Jan 17||18 Jan 16||29 Jan 15||24 Jan 14||4 Jan 13|
|19 Oct 20||17 Oct 19||22 Oct 18||30 Oct 17||6 Oct 16||26 Oct 15||21 Oct 14||4 Oct 13||15 Oct 12|
|6 Aug 20||7 Aug 19||3 Aug 18||3 Aug 17||12 Jul 16||7 Jul 15||22 Jul 14||4 Jul 13||6 Jul 12|